EURUSD: There is a short-term rebound demand

Fundamental analysis:

On September 27, local time, the European Commission tentatively agreed to pay Italy a second tranche of recovery funds totaling 21 billion euros, and urged the new Italian government (to be formed) to continue to adhere to the European economic recovery plan, complete the corresponding goals and tasks, and further promote Italy Economic recovery. The EU's approval of the funding for Italy is seen as a gesture of goodwill to Italy's soon-to-be-formed government. The grant is also subject to approval by the EU Economic and Financial Commission.

EURUSD EURUSD daily chart

A brief technical analysis:

Daily chart: After the short-term exchange rate plummeted, it began to fluctuate within a narrow range. MACD runs below the 0-axis and the volume is rapidly increasing below the 0-axis. The RSI shows signs of stopping the decline. It is expected that the short-term exchange rate will likely further decline after a rebound. 

Long and short turning point: 0.9950

Suppression bit: 1.0150 1.0400

Support level: 0.9750 0.9550

Trading strategy: bearish below 0.9950, target 0.9750, 0.9550

Alternative strategy: bullish above 0.9950, target 1.0150, 1.0400