EURUSD Forex Analysis for Today, Wednesday(28-02-2024)

Peak Rebound Area Hindered, EURUSD Potential Correction

Daily Analysis EURUSD

Euro Strengthens Ahead of CPI Release

EUR/USD is traded 0.2% higher at 1.0863 as European traders monitor inflation data, with the Eurozone releasing the latest consumer price data on Friday, the last reading before the upcoming European Central Bank meeting on March 7. Economists expect an annual figure of 2.5% for February, down from 2.8% in January. This figure still remains above the ECB’s medium-term target of 2%, and the central bank must also address less encouraging growth in the Eurozone.

Resistance Testing Observed

After a brief rise, EURUSD is hindered at the peak of the rebound area on the H1 time frame. Today, maximize the opportunity to SELL at the formed resistance barrier.

Prediction: WEAK EURUSD

Resistance

R1 1.08800
R2 1.08594
R3 1.08935
R4 1.09015

Support

S1 1.08594
S2 1.08800
S3 1.08270
S4 1.08140

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