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.
Forecast: STRONG EURUSD
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
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