EURUSD Wave Analysis 4 February, 2021

• EURUSD broke support zone

• Likely to fall to support level 1.1900

EURUSD recently broke the support zone located between the key support level 1.2060 (which has been reversing the price from December) and the 38.2% Fibonacci correction of the pervious upward impulse from November.

The breakout of support zone accelerated the medium-term downward impulse wave (3) from last month.

EURUSD is expected to fall further toward the next support level 1.1900 (former resistance from November and the target price for the completion of the active impulse wave (3).