EURUSD Forex Analysis for Today, Thursday (16-05-2024)
EURUSD Continues Bullish: Buy If Resistance Breaks
EURUSD Analysis
Market Increasingly Confident Fed Will Cut Rates
Lower-than-expected US CPI and retail sales data have made the market increasingly confident that the Fed will cut interest rates in September, thereby pressuring the USD and driving EURUSD higher.
Monitor Potential Resistance Break
EURUSD is still moving above the upward trendline in the H1 time frame. Buy opportunities can be sought if there is a breakout above the resistance area or a correction to the support area.
Prediction: STRONG EURUSD
Resistance
- R1 1.08948
- R2 1.08654
- R3 1.09084
- R4 1.09236
Support
- S1 1.08654
- S2 1.08948
- S3 1.08480
- S4 1.08274
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