EURUSD Forex Analysis for Today, Thursday(23-05-2024)

EURUSD Forex Analysis for Today, Thursday(23-05-2024)

EURUSD Forex Analysis for Today, Thursday(23-05-2024)>

EURUSD Under Pressure: Look for SELL Opportunities

EURUSD Analysis

EURUSD Weakens Amid Dollar Strength

The dollar index strengthened as the market doubts that the Fed will cut interest rates in September. Although the Fed minutes do not completely rule out a rate cut in September, the market is skeptical that inflation will truly drop to the 2 percent target. According to the CME FedWatch Tool, the likelihood of a Fed rate cut in September has dropped to just 51%.

Watch Resistance for Sell Opportunities

Prices are moving towards the resistance area. Sell opportunities can be sought if a pullback to this resistance area occurs.


Resistance Levels:

  • R1 1.08947
  • R2 1.08587
  • R3 1.09162
  • R4 1.09381

Support Levels:

  • S1 1.08343
  • S2 1.09008
  • S3 1.08224
  • S4 1.07922

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