EURUSD Wave Analysis 29 August 2024

• EURUSD reversed from long-term resistance level 1.1150
• Likely to fall to support level 1.1000

EURUSD currency pair recently reversed down from the major long-term resistance level 1.1150 (which has been reversing the price from the start of 2022).

The resistance level 1.1150 was strengthened by the upper weekly Bollinger Band and by the 61.8% Fibonacci correction of the downward impulse from the middle of 2021.

Given the strongly bearish euro sentiment and the overbought weekly Stochastic, EURUSD currency pair can then be expected to fall to the next support level 1.1000.