Technical analysis

EURUSD Wave Analysis – 03 February 2023


• EURUSD under bearish pressure

• Likely to fall to support level 1.0775

EURUSD under the bearish pressure after the price reversed down from round resistance level 1.1000 , touching the upper daily Bollinger Band.

The downward reversal from the resistance level 1.1000 created the daily Japanese candlesticks reversal pattern Dark Cloud Cover – which stopped the earlier impulse wave (iii).

EURUSD can be expected to fall further toward the next support level 1.0775 (low of the previous short-term correction (ii)).

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