EURUSD Forex Analysis for Today, Monday (19-08-2024)
Potential BUY for EURUSD: Continuing Uptrend, Look for BUY Near Trendline!
EURUSD Analysis
Market Confidence in Fed Rate Cut
Market confidence in a rate cut by the Fed in September is weighing on the USD and providing momentum for EURUSD. Additionally, the market is awaiting the eurozone inflation data to be released on Tuesday, which is expected to increase slightly from 2.5% to 2.6%.
Monitor the Trendline Area
The price continues to move above the uptrend line visible on the H1 time frame. A buy signal can be confirmed if there is a correction to the trendline area.
Forecast: STRONG EURUSD
Resistance Levels:
- R1: 1.09331
- R2: 1.10277
- R3: 1.10773
- R4: 1.11280
Support Levels:
- S1: 1.09000
- S2: 1.09500
- S3: 1.10000
- S4: 1.10500
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