EURUSD Wave Analysis 16 February 2024

– EURUSD reversed from support level 1.0730

– Likely to rise to resistance level 1.0850

EURUSD currency pair recently reversed up from the support level 1.0730 (previous monthly low from December), intersecting with the lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from October.

The upward reversal from the support level 1.0730 created the strong daily Japanese candlestick reversal pattern Morning Star.

Given the continuation of the USD outflows, EURUSD currency pair can be expected to rise further to the next resistance level 1.0850.