EURUSD Wave Analysis – 26 March, 2020

• EURUSD reversed from combined support zone
• Likely to rise to 1.1200

EURUSD recently reversed up from the combined support zone lying between the key support level 1.0600 (which started the sharp uptrend in 2017), lower weekly Bollinger Band and the support trendline of the weekly down channel from 2018.

The upward reversal from this support zone stopped the previous weekly downward impulse sequence (3).

With the clear bullish divergence visible on the weekly Stochastic indicator – EURUSD is likely to rise further toward the next resistance level 1.1200.