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EURUSD: high position down
2022-11-10
1201
Fundamental analysis:
EURUSD remained volatile around 1.00093. The euro area economy contracted in October. New orders and expected forward-looking indicators indicate that the economic downturn will further deteriorate. The market forecasts that the GDP of the euro area will shrink by 0.5% month on month in the fourth quarter, which will be the largest decline since the first quarter of 2009 (excluding the epidemic period).
EUR USD EURUSD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the momentum of high short positions has kept moving downward, and the overall short position in the market has begun to look for opportunities to enter the market and decline. The short-term decline may continue. The MACD index is at the high level in the long region and the RSI index is at the weak position above the 50 equilibrium line;
Empty turning point: 1.00209
Pressing: 1.00499, 1.00779
Support: 0.99816, 0.99548
Trading strategy: 1.00209 lower bearish, target 0.99816, 0.99548
Alternative strategy: bullish at the top of 1.00209, target 1.00499, 1.00779
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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