There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
EUR/USD broke strong support area
- EUR/USD broke strong support area
- Next sell target - 1.1500
EUR/USD today broke through the support area lying between the support level 1.1660 (which has been reversing the price from August) and the 50% Fibonacci correction of the previous upward impulse from the middle of June. The breakout of this support area accelerated the active B-wave of the intermediate ABC correction (B) from the start of this month. EUR/USD is expected to fall to the next sell target at the next support level 1.1500.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.