EURUSD Forex Analysis for Today, Monday (12-08-2024)
EURUSD Still Offers SELL Opportunity: Head and Shoulders Confirmed
EURUSD Analysis
Market Awaiting Fed and ECB Decisions
President of the Kansas City Fed, Jeffrey Schmid, has stated that current interest rate cuts are appropriate if inflation remains low. On the other hand, ECB policymaker Ollie Rehn indicated that the ECB might continue reducing interest rates soon.
Head and Shoulders Pattern Still Visible
The head and shoulders pattern is still visible on the H1 time frame. Prices are currently hovering around the neckline, which can be used to look for sell setups.
Forecast: WEAK EURUSD
Resistance Levels:
- R1: 1.10000
- R2: 1.09500
- R3: 1.09000
- R4: 1.08500
Support Levels:
- S1: 1.09488
- S2: 1.08795
- S3: 1.08431
- S4: 1.08028
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