• 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)).
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