Technical analysis

EURUSD Wave Analysis – 25 October, 2021

EURUSD Wave Analysis – 25 October, 2021

• EURUSD reversed from resistance zone

• Likely to fall to support level 1.1570                                                                        

EURUSD currency pair recently reversed down from the resistance zone lying between the pivotal resistance level 1.1675 (former monthly low from August), upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from the start of September.

The downward reversal from this resistance zone stopped the earlier short-term corrective wave (ii).

Given the multi-month downtrend on the daily charts, EURUSD can be expected to fall further toward the next support level 1.1570.

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