EUR/USD reversed from support area

EUR/USD reversed from support area

  • EUR/USD reversed from support area
  • Next buy target - 1.2100

EUR/USD continues to rise inside the (b)-wave of the minor ABC correction (ii) from the start of this month. The active wave (b) started when the pair reversed up from the support area lying between the key support level 1.1900 (former strong resistance level from the start of August) and the 50% Fibonacci correction of the previous sharp upward impulse wave (i) from the middle of last month. EUR/USD is expected to rise further to the next buy target at the next resistance level 1.2100 (top of the previous impulse wave (i)).




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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