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 1.1755
• Likely to fall to 1.1620
EURUSD today reversed down from the pivotal resistance level 1.1755 (former strong support from August and September) strengthened by 38.2% Fibonacci correction of the previous downward impulse wave (1).
The downward reversal from the resistance level 1.1755 started the active medium-term downward impulse wave (3).
EURUSD is likely to fall further toward the next support level 1.1620 (low of the previous sharp downward impulse wave (1)).
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