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EURUSD: low move down
2023-02-09
1055
Fundamental analysis:
EUR/USD remained volatile around 1.07120. The European Central Bank may be trying to correct the market’s dovish interpretation of the February interest rate resolution and statement, improving its own terms of trade, boosting China’s economic growth, and narrowing the policy interest rate gap with the Federal Reserve. The unfavorable factor is the escalation of the conflict between Russia and Ukraine.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum remains low and weak, and there are signs of continued shocks and downward movement in the short term. The MACD indicator is in the short-term area and remains in order, and the RSI indicator is hovering weakly below the 50 balance line;
Long-short turning point: 1.07164
Suppression: 1.07402, 1.07633
Support: 1.06884, 1.06660
Trading strategy: bearish below 1.07164, target 1.06884, 1.06660
Alternative strategy: Bullish above 1.07164, target 1.07402, 1.07633
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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