EURUSD Wave Analysis – 27 January, 2020

EURUSD broke support area
Likely to fall to 1.100

EURUSD under bearish pressure after the earlier breakout of the support area lying between the support level 1.1060 (which reversed the price twice in December) and the 50% Fibonacci correction of the previous upward ABC correction (2) from September.

The breakout of this support area accelerated the active impulse waves 3 and (3).

EURUSD is likely to fall further toward the next support level 1.100 (former double bottom from November).

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The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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