EURUSD Forex Analysis for Today, Wednesday (21-08-2024)
Continue Seeking BUY Opportunities for EURUSD: Still Supported by UP TRENDLINE
EURUSD Analysis
Eurozone CPI Rises as Expected
The Eurozone CPI increased as anticipated, recorded at 2.6% for July YoY. Next, the market is awaiting the Eurozone Manufacturing PMI (Purchasing Managers’ Index) data, expected to rise in August, with a forecasted increase to 46.0 from 45.8. Meanwhile, the Services PMI is projected to remain steady at 51.9.
Still Supported by Up Trendline
The price continues to move above the upward trendline visible on the H1 time frame. A confirmation of a buy signal can be sought if a correction occurs toward this trendline area.
Forecast: STRONG EURUSD
Resistance Levels:
- R1: 1.10556
- R2: 1.11271
- R3: 1.11635
- R4: 1.12006
Support Levels:
- S1: 1.09600
- S2: 1.09800
- S3: 1.10000
- S4: 1.10200
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