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EURUSD: high short shock down
2022-08-04
1243
Fundamental analysis:
EURUSD remained volatile around 1.01602. The market was worried that excessive tightening might plunge the euro zone into recession. Traders were reducing the expectation of the European Central Bank to raise interest rates. They began to doubt whether the European Central Bank could raise interest rates by more than 100 basis points. Money markets now expect the European Central Bank to be forced to stop trading before the overall rate hike reaches 100 basis points.
EURUSD - 4-hour K-line chart shows:
Technical analysis:
Looking at the 4-hour chart: the power of high short positions has remained volatile and slowly downward, and the downward trend of short positions in the short term may continue, and there is no sign of stopping. MACD index is weak at the lower side of the 0 axis, and RSI index is narrow at the lower side of the 50 equilibrium line;
Long short turning point: 1.01741
Pressing position: 1.02014, 1.02268
Support position: 1.01312, 1.01084
Trading strategy: bearish below 1.01741, targets 1.01312, 1.01084
Alternative strategies: bullish above 1.01741, targets 1.02014, 1.02268
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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