EURUSD Forex Analysis Today – Friday(01-03-2024)
Get Ready for BUYing EURUSD, Potential Bullish Wedge
Daily Analysis of EURUSD
US Inflation Reading Meets Expectations
The US inflation data from the US PCE data reading shows that inflation is still in line with economists’ expectations. The annual inflation increase recorded is the smallest in almost three years, reinforcing the speculation that the Fed’s interest rate cut may be postponed until June.
Potential Bullish Falling Wedge Pattern
There is a potential formation of a bullish falling wedge pattern on the H1 time frame. Confirmation of buy signals can be sought in the support area or the lower line of the wedge pattern.
Prediction: STRONG EURUSD
Resistance
- R1 1.07891
- R2 1.07756
- R3 1.08333
- R4 1.08545
Support
- S1 1.07756
- S2 1.07891
- S3 1.07591
- S4 1.07321
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