EUR/USD reversed from support zone

EUR/USD reversed from support zone

2019-11-11 • Updated

  • EUR/USD reversed from support zone
  • Next buy targets - 1.1000 and 1.1100

EUR/USD continues to rise after the earlier upward reversal from the support zone lying between the support levels 1.0880 and 1.0830 (former strong resistance levels which have been reversing the price from the start of December). This support area was strengthened by the 20-day simple moving average. The upward reversal form this support zone started the active impulse wave (iii).

EUR/USD is expected to rise to the next buy target at the nearby resistance level 1.1000 (top of the previous impulse wave (i)) - the breakout of which can lead to further gains toward 1.1100 (target price for the completion of the active impulse wave 3).

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