EURUSD Wave Analysis – 30 December, 2021

• EURUSD reversed from resistance level 1.1370
• Likely to fall to support level 1.12

EURUSD currency pair recently reversed down from the pivotal resistance level 1.1370 (which has been steadily reversing the price from the middle of November).

The resistance zone near the resistance level 1.1370 was strengthened by the upper daily Bollinger Band, 50-day moving average and by the 50% Fibonacci correction of the previous downward impulse from the start of November.

Given the overriding daily downtrend – EURUSD currency pair can be expected to fall further toward the next support level 1.12 (previous monthly low from November).