EURUSD Wave Analysis

  • EURUSD reversed from resistance level 1.1140
  • Likely to fall to support level 1.1000

EURUSD currency pair recently reversed down sharply from the key resistance level 1.1140 (former strong support from January).

The resistance area near the resistance level 1.1140 was strengthened by the upper daily Bollinger Band and by the 50% Fibonacci correction of the downward impulse from February.

Given the clear downtrend – EURUSD can be expected to fall further toward the next support level 1.1000 (which stopped the previous waves a and (b)).

FxPro
FxProhttp://www.fxpro.co.uk/?ib=606792
FxPro is an award-winning online broker offering Contracts for Difference (CFDs) on forex, futures, spot indices, shares, spot metals and spot energies. FxPro serves clients in over 150 countries worldwide and offers multilingual customer support 24/5. Trading CFDs involves significant risk of loss.

Featured Analysis

Learn Forex Trading

Retracement in Forex Trading

Trading Sessions