Categories: Technical analysis

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)).

The FxPro Tech Analysis Team

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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Tags: EURUSD

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