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EURUSD: Bears down
2023-07-25
755
Fundamental analysis:
The euro remained volatile around 1.10638 against the U.S. dollar. After the widely expected 25 basis point interest rate hike this week, the possibility of the ECB raising interest rates again in September cannot be ruled out. However, in any case, the ECB does not want September to be regarded as a turning point in the monetary policy cycle.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum remains volatile and downward, and the short-term decline may continue. The overall bearish sentiment in the market is shrouded. The MACD indicator is at the lower side of the 0 axis and is slowly descending.
Resistance levels: 1.11041 1.11367
Support levels: 1.10348 1.10047
Trading strategy: bearish below 1.10740, target 1.10348 1.10047
Alternative strategy: bullish above 1.10740, target 1.11041 1.11367
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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