EURUSD Wave Analysis – 5 April 2023     

• EURUSD under the bearish pressure

• Likely to fall to support level 1.0800

EURUSD under the bearish pressure after the price reversed down from the key resistance area located between the long-term resistance level 1.0950 (which has been reversing the price from the end of April) and the upper daily Bollinger Band.

The price is likely to form the daily Bearish Engulfing – if the pair closes today near the current levels.

Given the overbought daily Stochastic, EURUSD can then be expected to fall further toward the next support level 1.0800 (low of the pervious correction B).