NZD/JPY falling inside minor impulse wave C Next sell target - 76…
EUR/USD reversed from strong resistance zone
- EUR/USD reversed from strong resistance zone
- Next sell target - 1.1900
EUR/USD recently reversed down – after the previous multiple failed attempts to break above the strong resistance zone lying between the resistance level 1.2100 (which stopped the previous sharp uptrend in the middle of September, as can be seen below) and the upper daily Bollinger Band. The downward reversal from this resistance zone started the active intermediate impulse wave (3). EUR/USD is expected to fall toward the next sell target at the next support level 1.1900.
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.