EURUSD currency pair can be expected to fall further to the next support level 1.1410 (which stopped the previous intermediate impulse wave (5) in March).
- EURUSD broke the support zone
- Likely to fall to support level 1.1410
EURUSD currency pair recently broke the support zone between the support level 1.1515 (which has been reversing the price from the start of April, as can be seen from the daily EURUSD chart below) and the support trendline of the daily down channel from April. The breakout of this support zone accelerated the active short-term impulse wave 3 – which belongs to the intermediate impulse wave (3) from the start of May. Both of the active impulse waves 3 and (3) belongs to the long-term impulse wave (3) from the middle of April.
Given the strongly bullish US dollar sentiment as seen across FX markets today , EURUSD currency pair can be expected to fall further to the next support level 1.1410 (which stopped the previous intermediate impulse wave (5) in March).