EURUSD Forex Analysis for Today, Tuesday (07-05-2024)

EURUSD Forex Analysis for Today, Tuesday (07-05-2024)

EURUSD Forex Analysis for Today, Tuesday (07-05-2024)

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SELL Opportunity: EURUSD Still Held by Trendline

EURUSD Analysis

ECB May Cut 75 Bps

The latest statement from the European Central Bank suggests that ECB may begin a rate-cutting cycle in June, sparking speculation that ECB could cut rates three times (or 75 basis points) by the end of this year.

Held by Trendline and Resistance

Prices are held in the trendline resistance area. Selling opportunities can be sought again in this trendline and resistance area.

Prediction: WEAK EURUSD

Resistance Levels

  • R1: 1.08342
  • R2: 1.07905
  • R3: 1.08578
  • R4: 1.08820

Support Levels

  • S1: 1.07905
  • S2: 1.08342
  • S3: 1.07752
  • S4: 1.07506

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