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EURUSD: patiently wait for a rebound to sell short

2022-08-24
1130
Fundamental analysis:


The euro rose 0.19% to 0.99625 against the US dollar, breaking away from the 20-year low of 0.99005 set earlier. People once again worried that energy shocks would continue to stimulate inflation, making Europe more likely to fall into recession, which once dragged down the euro. PMI data showed that the contraction of business activity in Europe in August was lower than expected, but the outlook was still bleak.


EURUSD daily chart


Technical analysis:


According to the daily chart, the short-term exchange rate is rapidly declining, the MACD operates under the 0 axis and the volume can accelerate the release under the 0 axis, the RSI is rapidly declining, and it is expected that the short-term exchange rate will continue to decline after the rebound.  


Long and short turning point: 1.0150


Pressing position: 1.0400 1.0600


Support position: 0.9950 0.9800


Trading strategy: bearish below 1.0150, target 0.9950, 0.9800


Alternative strategy: bullish above 1.0150, target 1.0400, 1.0600

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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