EURUSD Wave Analysis – 3 December, 2021

• EURUSD reversed from resistance level 1.1370

• Likely to fall to support level 1.120

EURUSD currency pair recently reversed down from the resistance level 1.1370 (top of the previous correction (iv)), intersecting with the 20-day moving average and the 50% Fibonacci correction of the downward impulse from the start of November.

The downward reversal from this resistance zone started the active short-term impulse (iii).

Given the clear daily downtrend, EURUSD currency pair can be expected to fall further toward the next support level 1.120 (low of the previous impulse wave (i)).