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EURUSD: Bears down
2023-08-09
743
Fundamental analysis:
The euro remained volatile near 1.09558 against the U.S. dollar. The European Central Bank's monthly survey showed that consumers' expectations for the next 12 months have declined, from 3.9% in May to 3.4%, and expectations for the next three years have dropped from 2.5% to 2.3% %.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics remain volatile and downward, the short-term decline may continue, the market’s bearish sentiment remains, the MACD indicator is hovering below the 0 axis, and the RSI indicator is below the 50 balance line for weak consolidation;
Resistance levels: 1.09923 1.10137
Support levels: 1.09370 1.09209
Trading strategy: bearish below 1.09704, target 1.09370 1.09209
Alternative strategy: Bullish above 1.09704, target 1.09923 1.10137
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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