EURUSD Forex Analysis for Today, Wednesday (14-08-2024)
BUY Opportunity in EURUSD: Potential Triangle Pattern!
EURUSD Analysis
US PPI Pressures USD
The USD is under pressure due to US PPI data coming in lower than expected, which strengthens market beliefs that the Fed will cut interest rates in September.
Potential Symmetrical Triangle
There is a potential for a symmetrical triangle pattern to form on the M15 time frame. This pattern will be confirmed if the price breaks above the upper line of the pattern.
Forecast: STRONG EURUSD
Resistance Levels:
- R1: 1.09803
- R2: 1.10119
- R3: 1.10286
- R4: 1.10446
Support Levels:
- S1: 1.09200
- S2: 1.09400
- S3: 1.09600
- S4: 1.09800
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