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EURUSD: The shock moves down
2023-08-01
796
Fundamental analysis:
The euro remained volatile around 1.09965 against the U.S. dollar. Due to the continued decline in energy and food prices, the initial value of the CPI annual rate in the euro zone fell to 5.3% in July, but the core inflation rate remained at 5.5%. The service industry inflation rate rose month-on-month. result of growth.
EURUSD—4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The short-term momentum maintains a narrow range and moves downward, the short-term decline may continue, the market is shrouded in bearish sentiment, the MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is weakly hovering below the 50 balance line;
Resistance levels: 1.10293 1.10519
Support levels: 1.09760 1.09566
Trading strategy: Bullish above 1.10092, target 1.10293 1.10519
Alternative strategy: bearish below 1.10092, target 1.09760 1.09566
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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