EURUSD Forex Analysis for Today, Friday (31-05-2024)

EURUSD Forex Analysis for Today, Friday (31-05-2024)

Look for BUY Opportunities in EURUSD: Monitor Potential Resistance Breakout

Analysis of EURUSD
US GDP Weakens
The euro strengthened after the US Preliminary GDP data showed a decline. This has renewed market confidence that the Fed will continue with interest rate cuts this year. On the other hand, the ECB is not expected to continue rate cuts after June.

Buy If Resistance Breaks

Prices are moving up and testing the resistance area. A break above this resistance area will increase buy opportunities.


Resistance Levels:

  • R1: 1.08608
  • R2: 1.08146
  • R3: 1.08789
  • R4: 1.08886

Support Levels:

  • S1: 1.08146
  • S2: 1.08608
  • S3: 1.08039
  • S4: 1.07874

Disclaimer: This publication of analysis is a form of marketing communication and does not represent any research or investment advice whatsoever. The content contained therein reflects the general views of our experts and is not related to the personal conditions, investment experiences, or financial situations of the readers. This analysis is also not intended to promote any independent investment body, and Exness is not obliged to prohibit any transactions before the release of the analysis. Readers should be cautious about the potential for losses that may occur. Exness South africa is not responsible for any losses that may arise from the use of this analysis.

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