Technical analysis

EURCHF Wave Analysis 13 May, 2021

• EURCHF reversed from resistance area

• Likely to fall to support level 1.0930

EURCHF recently reversed down from the resistance area lying between the strong resistance level 1.0980 (former monthly low from April) and the 38.2% Fibonacci correction of the previous downward impulse from last month.

The downward reversal from this resistance area stopped the previous short-term corrective wave 2.

EURCHF is likely to fall toward the next support level 1.0930 (low of the previous minor impulse wave 1 from the start of May).

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