EURUSD Forex Analysis for Today, Monday (05-08-2024)
BUY Opportunity for EURUSD: BoS Seen on M15!
EURUSD Analysis
Inflation Reduces Rate Cut Expectations
EURUSD strengthened following USD weakness after the US NFP data release. Additionally, high inflation in the euro area has led the market to doubt that the ECB will cut interest rates in 2024.
BoS Detected
Price broke above the resistance seen on the M15 time frame, indicating a Break of Structure (BoS). Buy opportunities can be sought if a correction occurs towards that area.
Prediction: STRONG EURUSD
Resistance
- R1 1.08892
- R2 1.09665
- R3 1.10024
- R4 1.10370
Support
- S1 1.08400
- S2 1.08600
- S3 1.08800
- S4 1.09000
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