EURUSD Forex Analysis for Today, Wednesday (31-07-2024)
Selling Opportunity for EURUSD: Still Below Down Trendline
EURUSD Analysis
German GDP Below Expectations, Market Awaits Fed
EURUSD has consolidated and tends to be under pressure as yesterday’s second-quarter German GDP data came in lower than expected. The market is inclined to await the Fed’s interest rate decision to be announced early Thursday morning.
Still Below Down Trendline
Prices are still moving below the trendline area visible on the H1 time frame. A pullback has also occurred to the resistance area that previously marked a BoS.
Prediction: WEAK EURUSD
Resistance
- R1 1.09000
- R2 1.08500
- R3 1.08000
- R4 1.07500
Support
- S1 1.08738
- S2 1.07882
- S3 1.07455
- S4 1.07045
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