Technical analysis

EURUSD Wave Analysis – 17 June, 2021

• EURUSD broke support area

• Likely to fall to support level 1.1870

EURUSD recently broke support area lying between the major round support level 1.2000 (which has been reversing the price from April) and the 50% Fibonacci correction of the upward impulse from the end of March.

The breakout of this support area accelerated the active C-wave of the intermediate ABC correction (2) from the end of May.

EURUSD can then be expected to fall further toward the next support level 1.1870 (target for the completion of the ABC correction (2)).

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