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.