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EURUSD: Bears move down
2023-07-26
758
Fundamental analysis:
The euro remained volatile around 1.10496 against the dollar, with the European Central Bank appearing to raise interest rates on Thursday, but with uncertainty about what it will do after July, financial markets are eager for some guidance. The European Central Bank has raised interest rates by 400 basis points in the past year to 3.5%, the highest in 22 years. Interest rates are now near their peak as headline inflation cools and the economy weakens.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics maintain shocks and continue to move downwards, the short-term decline may continue, the overall bearish sentiment in the market is shrouded, the MACD indicator is in the bearish area to maintain consolidation, and the RSI indicator is in the bearish area and fluctuates at a low level;
Resistance levels: 1.10949 1.11208
Support levels: 1.10273 1.10039
Trading strategy: bearish below 1.10674, target 1.10273 1.10039
Alternative strategy: Bullish above 1.10674, target 1.10949 1.11208
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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