Euro notes in denominations of fives and tens are arranged for a photograph in London, U.K., on Wednesday, Jan. 18, 2012. The euro strengthened and commodities rallied as an official at a Group of 20 nation said the International Monetary Fund is proposing a $1 trillion expansion of its lending resources. U.S. index futures rose before Goldman Sachs Group Inc. reports earnings. Photographer: Simon Dawson/Bloomberg via Getty Images
• EURUSD reversed from resistance level 1.2300
• Likely to fall to 1.2100
EURUSD recently reversed down from the key resistance level 1.2300 (which has been reversing the price from the end of December) – stopping the earlier impulse waves 5 and (C).
The resistance area near the resistance level 1.2300 was strengthened by the upper daily Bollinger Band.
EURUSD is expected to fall further in the active impulse wave (1) toward the next support level 1.2100 (low of the minor correction (iv) from the start of December).
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