Given the strength of the active impulse wave 3, EURUSD currency pair can be expected to fall to the next support level 1.1415, which formed the daily Morning Star at the end of July.
EURUSD reversed from resistance area
Likely to fall to support level 1.14154
EURUSD currency pair recently reversed from the resistance area between the key resistance level 1.1630 (which stopped the previous minor corrective wave 4 at the start of March, as can be seen from the daily EURUSD chart below), 20-day moving average and the 38.2% Fibonacci correction of the downward impulse C from the start of February. The downward reversal from this resistance area created the daily Japanese candlestick reversal pattern Evening Star, which started the active intermediate wave (2).
Given the strength of the active impulse wave 3, EURUSD currency pair can be expected to fall to the next support level 1.1415, which formed the daily Morning Star at the end of July.
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