EURUSD Wave Analysis – 11 August, 2021

• EURUSD reversed from long-term support level 1,1700

• Likely to rise to resistance level 1,1800

EURUSD currency pair recently reversed up from long-term support level 1,1700 (which stopped the previous intermediate correction (2) at the end of March), intersecting with the lower daily Bollinger band.

The upward reversal from the support level 1,1700 stopped the previous short-term corrective wave 2 from the end of May.

Given the oversold daily Stochastic – EURUSD currency pair can be expected to rise further toward the next resistance level 1,1800.