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Europe and the United States: bears continue to decline
2022-07-08
1259
Fundamental analysis:
EUR / USD fell to around 1.01492 and fluctuated. Against the background of energy shock, the forecast of economic growth in the euro zone was lowered, especially in Germany, indicating that the midpoint of the exchange rate range may be 1 rather than 1.05. Europe is suffering from the huge negative impact of energy shocks. The medium-term fair value forecast for the euro against the dollar has declined, and even at parity, the euro against the dollar is not very cheap.
EURUSD - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the short-term momentum continued to fluctuate and decline in the middle and lower track of the brin belt index channel, and there was no sign of stopping in the short-term decline. The brin belt index showed a closing trend. The MACD index was at the low end of the short area to maintain consolidation and translation, and the RSI index was at the low end of the short area to maintain weak wandering;
Turning point of long and short: 1.01708
Pressing position: 1.02095, 1.02442
Support position: 1.01096, 1.00730
Trading strategy: bearish below 1.01708, target 1.01096, 1.00730
Alternative strategy: bullish above 1.01708, target 1.02095, 1.02442
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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