EURUSD currency pair can be expected to fall further toward the next support level 1.1155 (which stopped the previous impulse wave 3 at the start of October).
- EURUSD reversed from resistance zone
- Likely to fall to support level 1.1155
EURUSD currency pair recently reversed down from the resistance zone between the resistance level 1.1250 (former support from the start of October, as can be seen from the daily EURUSD chart below), 20-day moving average and the 38.2% Fibonacci correction of the downward impulse from the end of September. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Shooting Star, which stopped the earlier intermediate correction (2) and started the active minor impulse wave i of the intermediate impulse wave (3).
Given the clear daily downtrend and the bearish euro sentiment seen across the FX markets today on the weaker-than-expected eurozone PMI data, EURUSD currency pair can be expected to fall further toward the next support level 1.1155 (which stopped the previous impulse wave 3 at the start of October).