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EURUSD : Short-term in a range
2022-07-31
1412
Fundamental analysis:
The euro zone economy may already be shrinking. Goldman economists such as Jari Stehn say the recession will continue through the end of the year. They expect euro zone GDP to contract by 0.1% and 0.2% in the third and fourth quarters, respectively, before returning to growth in 2023.
EURUSD EURUSD daily chart
A brief technical analysis:
From the daily chart: the exchange rate rose quickly and slightly after it went down. MACD was in the bearish area but the volume was slightly shrinking, and the RSI rebounded slightly. It is expected that the short-term exchange rate will likely 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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