EURUSD Forex Analysis for Today, Tuesday (06-08-2024)
BUY Opportunity for EURUSD: Monitor BoS Area
EURUSD Analysis
European Retail Sales Under Watch
European retail sales data will be closely monitored before the market shifts its focus to the September interest rate outlook. The European retail sales data is expected to slightly slow down to just 0.1% YoY in June. Meanwhile, the inflation rate in Europe remains relatively high, making it unlikely that the ECB will precede the Fed in cutting interest rates.
BoS Detected
The price broke above the resistance seen on the H1 time frame, marking a Break of Structure (BoS). BUY opportunities can be sought if a correction occurs to this area.
Prediction: STRONG EURUSD
Resistance
- R1 1.08797
- R2 1.09746
- R3 1.10207
- R4 1.10657
Support
- S1 1.07800
- S2 1.08000
- S3 1.08200
- S4 1.08400
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