EURUSD currency pair can be expected to fall to the next support level 1.13500 (target price for the completion of the active intermediate impulse wave (3).
- EURUSD broke support zone
- Likely to fall to support level 1.13500
EURUSD currency pair recently broke the support zone between the strong support level 1.1415 (which reversed the price sharply in May, as can be seen from the daily EURUSD chart below) and the support trendline of the daily down channel from April. The breakout 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 these impulse waves are a part of the long-term downward impulse sequence 3 from April.
Given the clear daily downtrend and the strongly bullish US dollar sentiment seen across the FX markets today, EURUSD currency pair can be expected to fall to the next support level 1.13500 (target price for the completion of the active intermediate impulse wave (3).