EUR/USD: sell targets - 1.0900 and 1.0800
By: Dima Chernovolov
- EUR/USD broke support level 1.1040
- Next sell targets - 1.0900 and 1.0800
EUR/USD continues to decline after the price earlier broke through the support level 1.1040 (former strong resistance level which reversed waves (A) and B in March and April, as can be seen below). The breakout of this support level should intensify the bearish pressure on EUR/USD in the coming trading sessions. The pair is currently falling inside the 1st minor impulse wave 1, which belongs to the impulse (1) of the primary impulse ③, which started earlier this month – when EUR/USD reversed down sharply from the pivotal resistance level 1.1450.
EUR/USD is likely to fall further toward the next sell targets 1.0900 and 1.0800. Sell stop-loss can be placed above the resistance level 1.1040.