EURUSD Forex Analysis – Wednesday (08-05-2024)

EURUSD Forex Analysis – Wednesday (08-05-2024)

Selling Opportunity: EURUSD Still Held at Trendline

EURUSD Analysis

The prospect of ECB interest rate cuts continues to overshadow the Euro. The ECB is expected to cut interest rates at next month’s meeting. Meanwhile, today’s announcement will include German industrial production data, which is expected to slow from 2.1% to -0.6%. Germany is a key economic indicator for the Eurozone.

It’s still moving below the trendline, currently testing the support area. Look for another selling opportunity if there’s a breakthrough below support.

Prediction: WEAK EURUSD


  • R1 1.08342
  • R2 1.07140
  • R3 1.08693
  • R4 1.09251


  • S1 1.07140
  • S2 1.08342
  • S3 1.06845
  • S4 1.06229

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