EURUSD Forex Analysis for Today, Wednesday(17-04-2024)
Monitor Selling Opportunities in EURUSD: Prices Moving in a Drop Base Drop Pattern
Daily Analysis EURUSD
US Dollar Index Strengthens
The US dollar (USD) is driven higher as retail sales in the US increased by 0.7% in March compared to the forecast of 0.3%, and the Fed stated that interest rate cuts were not made in June due to high inflation in the US.
Drop Base Drop
The current movement of EURUSD is in a drop base drop pattern on the H1 timeframe. Confirmation of a selling signal can be sought as long as prices do not breach the nearest resistance area.
Prediction: WEAK EURUSD
Resistance
- R1 1.06909
- R2 1.06411
- R3 1.07162
- R4 1.07419
Support
- S1 1.06411
- S2 1.06909
- S3 1.06159
- S4 1.05892
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