EURUSD currency pair can be expected to rise further toward the next resistance level 1.1140.
– EURUSD rising inside impulse wave 3
– Likely to reach resistance level 1.1140
EURUSD currency pair continues to rise inside the sharp upward impulse wave 3, which previously broke the resistance area located at the intersection of the resistance level 1.0925 (which has been steadily reversing the pair from March) and the resistance trendline of the weekly extended Triangle from the end of 2023. The breakout of this this resistance area accelerated the active impulse wave 3 which belongs to the higher order strong upward impulse wave (C) from the middle of April.
Given clear daily uptrend and the continuation of the predominantly bearish US dollar sentiment seen across the FX markets today, EURUSD currency pair can be expected to rise further toward the next resistance level 1.1140 (former multi month high from December) – the breakout of which can lead to further gains toward 1.1200.
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