Categories: Technical analysis

EURUSD Wave Analysis – 23 September, 2022

• EURUSD broke key support level 0.9900

• Likely to fall to support level 0.9700

EURUSD continues to fall after the earlier breakout of the key support level 0.9900 (which stopped the previous downward impulses (iii) and (i), as can be seen below).

The breakout of the support level 0.9900 accelerated the active short-term impulse wave (iii) of the higher order impulse waves 3 and (5).

Given the strong daily downtrend, EURUSD can be expected to fall further toward the next support level 0.9700.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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