EURUSD currency pair can be expected to fall further toward the next support level 1.0850, target for the completion of the active wave c.
– EURUSD broke support zone
– Likely to fall to support level 1.0850
EURUSD currency pair recently broke the support zone lying between the key support level 1.0910 (which reversed the price at the start of August, as you can see from the daily EURUSD chart below) and the 50% Fibonacci correction of the upward impulse from April. The breakout of this support zone accelerated the active short-term impulse wave c, which is a part of the minor ABC correction 4 from the end of August. This ABC correction earlier broke the wide daily up channel from June – which strengthened the bearish pressure on this currency pair.
Given the bullish US dollar sentiment that can be seen across the FX markets today, EURUSD currency pair can be expected to fall further toward the next support level 1.0850, target for the completion of the active wave c.
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