EURUSD Wave Analysis – 5 July, 2022

• EURUSD broke multi-year support level 1.034
• Likely to fall to support level 1.020

EURUSD recently broke through the key support level 1.037 (which stopped the previous impulse waves (3) and 1, as can be seen below).

The breakout of the support level 1.037 led to the breakout of the major multi-year support level 1.034 from 2017.

Given the strong weekly and daily downtrend, EURUSD can be expected to fall further toward the next support level 1.020.