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EURUSD: weak consolidation of low short positions

2022-09-23
430
Fundamental analysis:

The Euro/US dollar remained volatile at around 0.98261. The euro area is really a domestic disturbance and foreign invasion. Not only is its economic development affected by the possible expansion of the Russia Ukraine war, but the US Federal Reserve's monetary policy is soaring to support the rising of the US dollar, which has increased the downward pressure on the euro.


EUR USD EURUSD - 4-hour K line chart shows:




Technical analysis:


The 4-hour chart shows that the short selling power remains low and weak, the overall market decline may continue, and the short-term downward trend is good. The MACD indicator is in the low position of the short selling area and the RSI indicator is in the low position of the short selling area and remains hovering;


Empty turning point: 0.98369


Pressing position: 0.98604, 0.98868


Support position: 0.97938, 0.97639


Trading strategy: bearish at 0.98369, target 0.97938, 0.97639


Alternative strategy: bullish above 0.98369, target 0.98604, 0.98868

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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