EURUSD Wave Analysis 25 September 2024

– EURUSD reversed from resistance area

– Likely to fall to support level 1.1100

EURUSD currency pair recently reversed down from the resistance area between the pivotal resistance level 1.1185 (which has been reversing the pair from August, stopped earlier impulse waves 5 and 1) and the upper daily Bollinger Band.

The downward reversal from this resistance area is likely to form the daily Japanese candlesticks reversal pattern Dark Cloud Cover – if the pair closes today near the current levels.

Given the strength of the resistance level 1.1185, bearish divergence on the daily Stochastic and the moderate US bullishness seen today, EURUSD can be expected to fall further to the next support level 1.1100.