Considering the evident daily uptrend and the robust US dollar sales observed in the FX markets today, the EURUSD currency pair is anticipated to rise to the next resistance level of 1.1800 (the peak of the previous waves 1 and b).
- EURUSD bounced back from the significant support level of 1.1445
- Expected to increase towards the resistance level of 1.1800
The EURUSD currency pair has recently rebounded from the support area that includes the key support level of 1.1445 (which has been reversing the price since early June, halting wave iv in mid-June, as illustrated in the daily EURUSD chart below), the lower daily Bollinger Band, and the 50% Fibonacci retracement of the strong upward impulse 1 from early May. This upward reversal from the support zone formed a daily Japanese candlestick reversal pattern known as Morning Star, which initiated the active impulse wave 3 of the larger impulse wave (3) that began in May.
Given the evident daily uptrend and the strong US dollar sales seen in the FX markets today, the EURUSD currency pair is expected to rise to the next resistance level of 1.1800 (the peak of the previous waves 1 and b).
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