EURUSD Wave Analysis 5 December 2023

– EURUSD broke daily up channel

– Likely to fall to support level 1.7000

EURUSD currency pair under the bearish pressure after the earlier breakout of the support trendline of the daily up channel, which enclosed the previous impulse wave (C) from the start of November.

The breakout of this daily up channel accelerated the active impulse wave 1.

Given the clear daily downtrend and the strong USD bullish sentiment seen today, EURUSD can be expected to fall further to the next support level 1.7000 (former monthly high from October).