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EURUSD: slow down
2023-06-21
757
Fundamental analysis:
EUR/USD remained volatile around 1.09165. The current account in the euro area was still in surplus after seasonal adjustment in April, but recorded a considerable contraction in April. It is worth noting that the surplus in goods trade was the main reason for the decline in the current account, which recorded a surplus of 16 billion euros (25 billion euros less than in March).
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short momentum maintains a slow downward trend, the market is shrouded in bearish sentiment, and there are signs of continued downward movement in the short term, the MACD indicator is slowly moving downward in the bullish area, and the RSI indicator is hovering weakly on the side of the 50 balance line;
Resistance levels: 1.09583 1.09805
Support levels: 1.08976 1.08752
Trading strategy: bearish below 1.09328, target 1.08976 1.08752
Alternative strategy: Bullish above 1.09328, target 1.09583 1.09805
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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