Technical analysis

EURUSD Wave Analysis – June 6, 2018

• EUR/USD broke resistance zone • Further gains are likely

EUR/USD recently broke the resistance zone lying between the resistance level 1.1720, resistance trendline of the daily down channel from April and the 38.2% Fibonacci correction of the previous downward impulse from the middle of April.

The breakout of this resistance zone should strengthen the active primary impulse wave ③, which started earlier from the long-term support level 1.1550.

With the rising daily Momentum, EUR/USD is expected to rise further and re-test the next resistance level 1.1830 (former support level which stopped the previous minor impulse wave 3 in May).

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