Corn Wave Analysis – 31 July, 2019

Corn broke support area
Further losses are likely

Corn recently broke through the the support area lying between the support levels 414.00 (previous downward target) and 410.00.

The price earlier broke the 38.2% Fibonacci correction of the previous sharp upward impulse from May – which accelerated the active impulse wave 3.

Corn is expected to fall further and retest the next round support level 400.00 (former resistance level from May).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: CORUSD

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