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EURUSD : Breaking down is imminent
2022-07-03
1342
Fundamental analysis:The euro was down more than 1.2 percent against the dollar at 1.0423. Although the European Central Bank will start raising interest rates in July for the first time in nearly 11 years to cool down fiery inflation, compared with the Fed, the European Central Bank's decision-making faces greater limitations.
EURUSD daily chart
A brief technical analysis:
From the daily chart: the exchange rate is running weakly between the middle and lower rails and continues to decline. The Bollinger Bands are converging and moving down. MACD is in the bearish area and maintains a weak downward trend. RSI continues to be weak. It is expected that the short-term exchange rate will continue to decline after rebounding. .
Long and short turning point: 1.0800
Suppression bit: 1.0960 1.1140
Support levels: 1.0600 1.0360 1.0200
Trading strategy: bearish below 1.0800, target 1.0600, 1.0360, 1.0200
Alternative strategy: bullish above 1.0800, target 1.0960, 1.1140
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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