EURUSD Wave Analysis 11 December 2024

– EURUSD reversed from resistance zone

– Likely to fall to support level 1.0450

EURUSD currency pair recently reversed down with the long-legged Doji from the resistance area between the upper daily Bollinger Band, pivotal resistance level 1.0610 (former multi-month support from April) and the 50% Fibonacci correction of the downward impulse from the start of November.

The downward reversal from this resistance zone started the active minor downward impulse wave 3.

Given the strength of the aforementioned resistance area and the clear daily downtrend, EURUSD currency pair can be expected to fall further to the next support level 1.0450 (low of the earlier minor correction b).