EURUSD : Short-term acceleration down

Fundamental analysis:

Economists at Mitsubishi UFJ Bank believe that the euro against the dollar will continue to decline, due to the unfavorable fundamentals of the euro, the short-term interest rate differential will continue to drag the euro against the dollar lower. The current overnight index swap pricing suggests that the European Central Bank will raise interest rates by 115 basis points before the end of the year, but the ECB is expected to deliver less than expected. The expected risk is greater than the Fed.

EURUSD EURUSD daily chart

A brief technical analysis:

From the daily chart: the exchange rate is falling rapidly, the MACD is running near the 0-axis and the volume is slightly lower than the 0-axis, and the RSI is slightly down. It is expected that the short-term exchange rate will likely decline further. 

Long and short turning point: 1.0400

Suppression bit: 1.0600 1.0800

Support: 1.015 1.0000

Trading strategy: bearish below 1.0400, target 1.0150, 1.0000

Alternative strategy: bullish above 1.0400, target 1.0600, 1.0800