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EURUSD : Continues weak and volatile trend
2022-08-07
1397
Fundamental analysis:
The euro fell slightly against the dollar, and the downside risks to the European economy are continuing to increase. The focus of the European Central Bank's work has turned to inflation, but the outlook for the European economy is worrisome.
EURUSD EURUSD daily chart
A brief technical analysis:
From the daily chart: the exchange rate continues to fluctuate within a narrow range and is weak. MACD is in the short-term area but the volume can continue to shrink slightly, and the RSI declines 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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