Technical analysis

EURUSD Wave Analysis 5 March, 2021

EURUSD Wave Analysis 5 March, 2021

• EURUSD broke key support level 1.1960

• Likely to fall to support level 1.1800

EURUSD recently broke the key support level 1.1960 (which stopped the A-wave of the active ABC correction (2) in February).

The breakout of the support level 1.1960 coincided with the breakout of the 50% Fibonacci correction of the earlier upward impulse (1) from November.

EURUSD is likely to fall further toward the next support 1.1800 (target price for the completion of the active ABC correction (2)).

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