Technical analysis

EURUSD Wave Analysis – 10 October, 2019

EURUSD Wave Analysis – 10 October, 2019
  • EURUSD broke resistance zone
  • Likely to rise to 1.1070

EURUSD recently broke the resistance zone lying between the resistance level 1.1000 and the resistance trendline of the daily down channel from June.

The breakout of this resistance zone continues the active short-term correction (ii) – which started earlier from the support zone surrounding the support level 1.0920.

EURUSD is expected to rise further and retest the next resistance level 1.1070 (target price calculated for the completion of the active short-term correction (ii)).

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