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EURUSD: V-shaped uptrend

2023-08-24
697
Fundamental analysis:

The euro remained volatile at around 1.08632 against the U.S. dollar. This month, business activities in the euro zone have been far more sluggish than expected. The entire region has generally declined, especially Germany, Europe's largest economy. In the European Union, activity in the dominant services sector slipped into recession, and while manufacturing output continued to contract, there were some signs of improvement.

EURUSD—4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the low V-shaped reversal rises, the short-term bullish sentiment continues, the market bulls continue to emerge, the MACD indicator is in the bearish area and maintains shocks, and the RSI indicator is hovering around the 50 balance line;

Resistance levels: 1.08812 1.08982

Support levels: 1.08360 1.08198

Trading strategy: Bullish above 1.08518, target 1.08812 1.08982
Alternative strategy: bearish below 1.08518, target 1.08360 1.08198

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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