Technical analysis

EURUSD Wave Analysis – 6 July, 2020

EURUSD Wave Analysis – 6 July, 2020

• EURUSD rising inside wave (ii)

• Likely to rise to 1.3500

EURUSD continues to rise inside the short-term corrective wave (ii) which started earlier from the support 1.1200, intersecting with the 38.2% Fibonacci retracement of the previous sharp upward impulse from May.

The active corrective wave (ii) belongs to the longer-term impulse waves 3 and (3). With the strong pro-euro sentiment seen today – EURUSD is likely to rise further toward the next resistance level 1.3500 (top of the previous correction 2 and the target for the completion of the active wave (ii)).

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