Market Snapshots

EURUSD Wave Analysis – 16 September, 2019

EURUSD Wave Analysis – 16 September, 2019
  • EURUSD reversed from resistance zone
  • Further losses are likely

EURUSD recently reversed down from the resistance zone lying between the resistance level 1.1080 (top of the previous wave (a)) and the resistance trendline of the daily down channel from June.

The downward reversal from this resistance zone stopped the earlier short-term impulse wave (c) of the ABC correction (ii) from the start of September.

EURUSD is expected to fall further in the active short-term impulse wave 3 and retest the next round support level 1.1000.

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