EURUSD Forex Analysis for Today, Friday (23-08-2024)
Look for SELL Opportunities on EURUSD! TRENDLINE BROKEN!
EURUSD Analysis
USD Strengthens Ahead of Powell’s Speech
The Euro weakened from a 13-month high against the USD ahead of Fed Chair Jerome Powell’s speech tonight at the Jackson Hole Symposium. According to the CME FedWatch Tool, only 27% of market participants now expect the Fed to cut interest rates by 50 basis points, while 73% anticipate a cut of just 25 basis points.
Up Trendline Broken
The up trendline seen on the H1 time frame yesterday has been broken, indicating a potential bearish bias for intraday trading today. Confirmation for a sell signal can be sought in that trendline area.
Forecast: WEAK EURUSD
Resistance Levels:
- R1: 1.11800
- R2: 1.11600
- R3: 1.11400
- R4: 1.11200
Support Levels:
- S1: 1.11805
- S2: 1.10752
- S3: 1.10201
- S4: 1.09647
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