EURUSD forex analysis for today, Thursday(09-05-2024)

EURUSD forex analysis for today, Thursday(09-05-2024)

EURUSD Testing Support, Monitor Potential SELL BREAKOUT

Analyze EURUSD

ECB Expected to Cut Rates Ahead of Fed

The Euro continues to be pressured by the strengthening USD. Economic data from the Eurozone is currently mixed, with recent German industrial production data showing a decline. The market remains confident that the European Central Bank will begin cutting interest rates ahead of the Fed.

Price Testing Support Area

Prices are testing the support area. Look for selling opportunities if there is a breakout below that support level.

Prediction: WEAK EURUSD

  • Resistance
    • R1 1.08342
    • R2 1.07140
    • R3 1.08693
    • R4 1.09251
  • Support
    • S1 1.07140
    • S2 1.08342
    • S3 1.06845
    • S4 1.06229



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