Given the strongly bullish US dollar sentiments seen today, EURUSD currency pair can be expected to fall to the next support level 1.14700 (which has been reversing the price from November, as can be seen from the daily EURUSD chart below).
- EURUSD reversed from the resistance area
- Likely to fall to support level 1.14700
EURUSD currency pair recently reversed from the resistance area between the pivotal resistance level 1.1630 (former support from January, which has been reversing the price from the start of March, as can be seen from the daily EURUSD chart below), upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from February. The downward reversal from this resistance area is currently forming the daily Japanese candlestick reversal pattern Bearish Engulfing (strong sell signal for this currency pair) , which is aligned with the long-term downward impulse wave 3 from March.
Given the strongly bullish US dollar sentiments seen today, EURUSD currency pair can be expected to fall to the next support level 1.14700 (which has been reversing the price from November, as can be seen from the daily EURUSD chart below).
The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.
The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.
