Market Snapshots

EURUSD Wave Analysis – 18 December, 2019

EURUSD Wave Analysis – 18 December, 2019
  • EURUSD reversed from resistance area
  • Likely to fall to 1.1100

EURUSD recently reversed down from the resistance area lying between the key resistance level 1.1165 (which has been steadily reversing the price from August), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous downward impulse from June.

The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Shooting Star – which started the active impulse wave 3.

EURUSD is expected to fall further toward the next support level 1.1100 (former resistance from November).

Article Rating