Technical analysis

EURUSD Wave Analysis – 18 May 2023

• EURUSD under bearish pressure

• Likely to fall to support level 1.0715

EURUSD under the bearish pressure after the price broke the support level 1.0820 (which stopped the previous short-term correction (ii)).

The breakout of the support level 1.0820 coincided with the breakout of the 50% Fibonacci correction of the previous upward impulse wave 1 from March.

EURUSD can be expected to fall further toward the next support level 1.0715 (low of wave (b) from March, target for the completion of the active ABC correction 2).

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