Technical analysis

EURUSD Wave Analysis – 07 August, 2020

EURUSD Wave Analysis – 07 August, 2020

• EURUSD reversed from powerful resistance level 1,1900

• Likely to fall to 1,1700

EURUSD recently reversed down from the powerful resistance level 1,1900 (which stopped the previous sharp impulse wave 1 in June, as can be seen below).

The downward reversal from the resistance level 1,1900 will create the daily Japanese candlesticks reversal pattern Evening Star – if the price closes this week near the current levels.

EURUSD is likely to fall further toward the next support level 1,1700 (low of the previous short-term correction 2).

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