Technical analysis

EURUSD Wave Analysis – 10 August, 2022

EURUSD Wave Analysis – 10 August, 2022

• EURUSD broke key resistance level 1.0260

• Likely to rise to resistance level 1.0370

EURUSD just broke the pivotal resistance level 1.0260 (which has been repeatedly reversing the pair from the middle of July).

The breakout of the resistance level 1.0260 coincided with the breakout of the multi-month resistance trendline from February and the 50% Fibonacci correction of the downward impulse from June.

EURUSD can be expected to rise further toward the next resistance level 1.0370 (former monthly low from May and June, target for the completion of the active wave (iv)).

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