EUR/USD reversed from key resistance level 1.1660

EUR/USD reversed from key resistance level 1.1660

  • EUR/USD reversed from key resistance level 1.1660
  • Next sell target - 1.1500

EUR/USD continues to fall inside the minor impulse wave 3 which started recently – when the pair reversed down from the key resistance level 1.1660 (former powerful support level which stopped the earlier waves 4 and (1), as can be seen from the daily EUR/USD chart below) intersecting with the 100-day moving average. The active impulse wave 3 belongs to the intermediate impulse wave (3) from October. EUR/USD is expected to fall further to the next sell target at the next support level 1.1500.




Morning brief for May 30

 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…

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