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EURUSD: Shocked and down
2023-04-18
894
Fundamental analysis:
EUR/USD remained volatile around 1.09243 as Europe is in danger of a credit crunch following recent banking turmoil. The biggest uncertainty right now is what it will cost to bring inflation back down, with central banks trying to keep interest rates as low as possible. The risk of tipping the economy into a recession certainly exists.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: the high-level short-term dynamics remain volatile and down, the market is still bearish, and there is a trend of continuing to move downward in the short term. The MACD indicator is in the bullish area and moves down to the 0 axis, and the RSI indicator is below the 50 balance line. ;
Resistance levels: 1.09525 1.09727
Support levels: 1.09055 1.08881
Trading strategy: bearish below 1.09323, target 1.09055 1.08881
Alternative strategy: Bullish above 1.09323, target 1.09525 1.09727
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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