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EURUSD : Continuation of range consolidation
2022-07-29
1443
Fundamental analysis:
EUR/USD dipped 0.1% to 1.0184. The euro fell to $0.9952 on July 14, its lowest level since December 2002, weighed down by fears of an energy crisis in the region. Joe Manimbo, senior market analyst at payments firm Convera in Washington, said: "The less gas supplies to Western Europe, the greater the risk of a recession in the euro zone, a situation that could limit the ECB's ability to raise interest rates to combat record inflation. ."
EURUSD daily chart
A brief technical analysis:
From the daily chart: the exchange rate rose quickly and slightly after the short-term decline. MACD was in the short-term area but the volume could shrink slightly, and the RSI rebounded slightly. It is expected that the short-term exchange rate will continue to be weak.
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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