EURUSD Wave Analysis – 12 May, 2022

• EURUSD broke support area
• Likely to fall to support level 1.030

EURUSD currency pair recently broke through the support area located between the key support level 1.0500 (which has been repeatedly reversing the pair from April) and the lower trendline of the daily down channel from February.

The breakout of this support area accelerated the active impulse waves (v) and 5 of wave (3) from last year.

Given the strong daily downtrend – EURUSD can be expected to fall further toward the next support level 1.030 (target for the end of the active impulse wave (v)).