EURUSD Forex Analysis for Today, Wednesday (07-08-2024)
Check SELL Opportunity for EURUSD: Potential Head and Shoulders!
EURUSD Analysis
European Retail Sales Contract
Retail sales data for the Eurozone contracted by -0,3% in June, below the forecast of 0,1%. This data is also lower than the revised previous period’s data of 0,5%. Today, the market is awaiting German Industrial Production data.
Head and Shoulders Pattern Potential
A potential head and shoulders pattern is visible on the H1 time frame. SELL opportunities can be taken if this pattern is confirmed, indicated by a break below the neckline.
Prediction: WEAK EURUSD
Resistance
- R1 1.10200
- R2 1.10000
- R3 1.09800
- R4 1.09600
Support
- S1 1.09454
- S2 1.08657
- S3 1.08255
- S4 1.07838
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