EURUSD currency pair be expected to fall to the next support level 1.1400 (former multi-month low from July and target for the completion of the active short-term impulse wave (3)).
- EURUSD broke strong support level 1.1500
- Likely to fall to support level 1.1400
EURUSD currency pair recently broke below the strong support level 1.1500 (which has been reversing the price from the start of November). The breakout of this support level accelerated the active medium-term impulse wave (3) – which belongs to the long-term downward impulse wave (3) from the start of February. The breakout of this support level strengthened the bearish pressure on this currency pair – continuing the sharp downward correction which started earlier from the round resistance level 1.2000.
Given the bearish euro sentiment seen across the currency markets today – coupled with strong USD inflows, EURUSD currency pair be expected to fall to the next support level 1.1400 (former multi-month low from July and target for the completion of the active short-term impulse wave (3)).
EURUSD Technical AnalysisThe subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.
The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.
