Technical analysis

EURUSD Wave Analysis 25 October 2023

– EURUSD reversed from resistance level 1.0665

– Likely to fall to support level 1.0515

EURUSD currency pair recently reversed down with the Bearish Engulfing from the key resistance level 1.0665 (former strong support from May and June) intersecting with the upper daily Bollinger Band.

The resistance level 1.0665 was strengthened by the 50% Fibonacci correction of the previous downward impulse from August.

Given the clear daily downtrend, EURUSD can be expected to fall further toward the next support level 1.0515 (low of the previous wave (B)).

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