EUR/JPY broke key support level 131…
EUR/USD reversed from support zone
- EUR/USD reversed from support zone
- Next buy target - 1.1500
EUR/USD recently reversed up sharply from the support zone lying between the support level 1.1320 (former powerful resistance level which reversed the price in 2016, as can be seen from the weekly EUR/USD chart below) and the 38.2% Fibonacci correction level of the previously sharp upward impulse from June. The upward reversal form this support zone continues the active impulse waves (iii) and (c). EUR/USD is expected to rise to the next buy target at the next resistance level 1.1500 (target price for the completion of the active impulse wave (iii)).
There isn't any reversal pattern so far. If the 21 MA acts as resistance, we're likely going to have just another decline...
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are returned to the support of Tenkan and Kijun and may go higher.
Narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the Bulls can’t breaking out the resistance of upper border of the Cloud and the market may return to 113.00.