EURUSD - Structure Analysis

EURUSD - Structure Analysis

At the end of August 2024, EURUSD tested a significant support zone near 1.1200. This area was previously tested on July 18, 2023, and March 31, 2022. The selling pressure has been substantial, pushing the price down to 1.1040 so far.

If the price respects the structural analysis, EURUSD is expected to continue its downward movement towards 1.0980 - 1.0940.
A break below this level could drive the price down to 1.0800 or even lower.

Traders should consider all potential pullback areas on the chart.

This week, the Non-Farm Payroll (NFP) data is expected to cause significant market volatility. Depending on the data, the market may speculate on further rate cuts from the FOMC this month, with the first cut potentially being 25 or 50 basis points. This will be a crucial indicator for future price direction.

You may find more details in the chart!
Thank you and Good Luck!

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