EURUSD Wave Analysis – 20 August, 2020
August 20, 2020 @ 17:22 +03:00
• EURUSD reversed from resistance level 1.1900
• Likely to fall to 1.1710
EURUSD recently reversed down with the daily candlesticks pattern Bearish Engulfing from the resistance level 1.1900 (top of the previous waves (iii) and 1) – standing near the upper daily Bollinger Band.
The downward reversal from the resistance level 1.1900 stopped the earlier short-term impulse wave 3 from the start of August.
Given the clear triple bearish divergence on the daily Stochastic indicator – EURUSD is likely to fall further toward the next support level 1.1710 (low of the previous waves (iv) and 2).