Technical analysis

EURUSD Wave Analysis – 3 February, 2022

EURUSD Wave Analysis – 3 February, 2022

• EURUSD reversed from support zone

• Likely to rise to resistance level 1.1470

EURUSD currency pair recently reversed up sharply from the support zone lying between the major support level 1.12 (which has been reversing the pair from the middle of 2020) and the lower weekly Bollinger Band.

This support zone was further strengthened by the nearby 61.8% Fibonacci correction of the previous weekly upward impulse from the start of last year.

Given the prevailing euro optimism – EURUSD currency pair can be expected to rise further toward the next resistance level 1.1470 (top of wave 4 from January).

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