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)).

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