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EURUSD: Short-term selling pressure is still heavy
2022-08-17
1199
Fundamental analysis:
The euro reversed gains after falling after data showed German investor confidence edged lower in August on concerns that rising living costs would hit private consumption. Europe is battling an energy crisis after sanctions were imposed on Russia over its invasion of Ukraine.
EURUSD EURUSD daily chart
A brief technical analysis:
From the daily chart: the exchange rate rebounded slightly after a rapid decline, the MACD was running near the 0 axis and the volume was slightly under the 0 axis, and the RSI fell slightly. 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
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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