Technical analysis

EURUSD Wave Analysis – 6 March 2023

• EURUSD reversed from round support level 1.0500

• Likely to rise to resistance level 1.0775

EURUSD currency pair recently reversed up from the round support level 1.05000 (which has been reversing the price from the start of December) coinciding with the lower daily Bollinger Band and the 38.2.% Fibonacci correction of the upward impulse from November.

The upward reversal from the support level 1.05000 stopped the previous minor impulse wave C.

EURUSD currency pair can be expected to rise to the next resistance level 1.0775 (which stopped wave B earlier this month).

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