EURUSD Forex Analysis for Today, Thursday (08-08-2024)
SELL Opportunity for EURUSD: Potential Head and Shoulders Still Present
EURUSD Analysis
European Retail Sales Contract
European Union retail sales data showed a contraction of -0.3% in June, below the expected 0.1%. This data is also lower than the revised previous period’s figure of 0.5%. Today, the market awaits German Industrial Production data.
Potential Head and Shoulders Pattern
A potential head and shoulders pattern is visible on the H1 time frame. A sell opportunity can be taken if this pattern is confirmed by a break below the neckline.
Prediction: WEAK EURUSD
Resistance
- R1 1.10000
- R2 1.09800
- R3 1.09500
- R4 1.09400
Support
- S1 1.09401
- S2 1.08737
- S3 1.08371
- S4 1.08028
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