EURUSD Forex Analysis for Today, Thursday(11-07-2024)
Opportunity to BUY EURUSD: Monitor Resistance Area
EURUSD Analysis
Powell’s Comments Not Hawkish
Fed Chair Jerome Powell’s speech still lacked a hawkish tone. Although he reiterated that the Fed still needs stronger evidence to cut rates, a dovish tone was evident, mentioning that inflation is moving down but still above the Fed’s target.
Monitor Resistance Area
Prices are testing the resistance area. The buying opportunity will increase if there is a breakthrough above the resistance area, as it confirms a break of structure (BoS).
Prediction: STRONG EURUSD
Resistance
- R1 1.08525
- R2 1.08767
- R3 1.09045
- R4 1.09352
Support
- S1 1.08000
- S2 1.08500
- S3 1.09000
- S4 1.09500
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