EURUSD Wave Analysis 1 October 2024

– EURUSD broke key support level 1.1085

– Likely to fall to support level 1.1000

EURUSD currency pair recently broke the key support level 1.1085 (which stopped the previous correction ii) coinciding with the 61.8% Fibonacci correction of the upward impulse from the start of September.

The breakout of the support level 1.1085 should accelerate the active wave b of the higher impulse wave iii from the middle of September.

Given the bearish divergence on the daily Stochastic and the strongly bullish US dollar sentiment seen today, EURUSD currency pair can be expected to fall further to the next support level 1.1000 (which stopped the previous correction 4).