EURUSD Forex Analysis for Today, Friday(24-05-2024)
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Seeking SELL Opportunities in EURUSD: Still Moving Below Trendline
EURUSD Analysis
USD Strength Continues to Press EURUSD
The USD strengthened overnight after US S&P Global Composite PMI data rose to 54.4 in May, exceeding the 51.3 recorded in April. This is the highest figure since April 2022. This data raises expectations that the Fed will keep interest rates high for longer.
Sell Opportunities if Support is Broken
Prices are seen testing the support area. Sell opportunities can be sought if there is a breakthrough below this support area.
Forecast: WEAK EURUSD
Resistance Levels:
- R1 1.08739
- R2 1.08536
- R3 1.08946
- R4 1.09082
Support Levels:
- S1 1.07994
- S2 1.08255
- S3 1.07835
- S4 1.07692
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