EURUSD Forex Analysis for Today, Tuesday (28-05-2024)

EURUSD Forex Analysis for Today, Tuesday (28-05-2024)

Target BUY EURUSD: Trendline Broken!

Analysis of EURUSD
Market Doubts ECB Interest Rate Outlook
The euro strengthened as the market is unsure that the ECB will continue its rate-cutting cycle after the upcoming June meeting. ECB policymakers themselves seem reluctant to promise further rate cuts due to concerns that overly aggressive monetary easing could further depress the euro.

Trendline Broken

The price appears to have broken through the downtrend line visible on the H1 time frame. A pullback to the trendline area often occurs after a trendline break and can be used to seek confirmation of a buy signal.


Resistance Levels:

  • R1: 1.08460
  • R2: 1.08251
  • R3: 1.08609
  • R4: 1.08742

Support Levels:

  • S1: 1.08251
  • S2: 1.08460
  • S3: 1.08190
  • S4: 1.08112

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