Technical analysis

EURUSD Wave Analysis – 3 May 2023

• EURUSD reversed from key support level 0.6600

• Likely to rise to resistance level 0.6750

EURUSD currency pair recently reversed up from the support level 1.0945 (former key resistance from March and April).

The upward reversal from the support level 1.0945 is currently forming the daily Japanese candlesticks reversal pattern Morning Star.

Given the prevailing uptrend, EURUSD can be expected to rise further toward the next resistance level 1.1100 (which stopped the previous impulse waves 1 and (i)).

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