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EURUSD: Short-term oversold, medium-term still weak
2022-08-23
1228
Fundamental analysis:
The euro fell below parity against the dollar again as investors grew increasingly concerned that U.S. and European interest rate hikes to curb inflation would weaken the global economy.
EURUSD EURUSD daily chart
A brief technical analysis:
From the daily chart: the short-term exchange rate drops rapidly, the MACD runs below the 0-axis and the volume and energy accelerates under the 0-axis, and the RSI drops rapidly.
Long and short turning point: 1.0150
Suppression bit: 1.0400 1.0600
Support level: 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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