EURUSD Wave Analysis 5 November 2024

– EURUSD rising inside impulse wave 1

– Likely to reach resistance level 1.1000

EURUSD currency pair continues to rise inside the sharp impulse wave 1 which started earlier from the support zone between the key support level 1.07865 (former strong support from the start of August) intersecting with the support trendline from April.

The active impulse wave 1 belongs to the higher order upward impulse wave (C) from the end of October.

Given the strongly bearish US dollar sentiment seen today, EURUSD currency pair can be expected to rise to the next resistance level 1.1000 (target price for the completion of the active impulse wave 1).