Given the clear daily uptrend and the strongly bearish US dollar sentiment seen across the FX markets today, EURUSD currency pair can be expected to rise further to the next resistance level 1.1800 (top of the previous impulse wave 1).
- EURUSD reversed from support zone
- Likely to rise to resistance level 1.1800
EURUSD currency pair recently reversed up from the support zone located at the intersection of the support level 1.157 (former resistance from April and June, can be seen from the daily EURUSD chart below), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse 1 from the start of May. The upward reversal from this support zone started the active impulse wave 3, which belongs to the intermediate impulse wave (3) from May.
Given the clear daily uptrend and the strongly bearish US dollar sentiment seen across the FX markets today, EURUSD currency pair can be expected to rise further to the next resistance level 1.1800 (top of the previous impulse wave 1).
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