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EURUSD: The shock moves down
2023-05-02
818
Fundamental analysis:
With EUR/USD oscillating around 1.09710, the question for the ECB is how long inflation will last and whether second-round effects are emerging. A quarter-point rate hike is expected this week as the ECB balances the lagged effects of previous rate hikes, recent banking turmoil and further policy tightening.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the wide range of shocks is moving downward, the market is short-sentiment emerging, and there is a trend of continuing to move downward in the short term. The MACD indicator is hovering below the 0 axis, and the RSI indicator is below the 50 balance line for weak consolidation;
Resistance levels: 1.09957 1.10099
Support levels: 1.09576 1.09462
Trading strategy: bearish below 1.09811, target 1.09576 1.09462
Alternative strategy: bullish above 1.09811, target 1.09957 1.10099
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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