EUR/USD: buy target - 1.1400
By: Dmitriy Chernovolov
- EUR/USD reached buy target 1.1200
- Next buy target - 1.1400
EUR/USD yesterday broke above the resistance level 1.1200 – which was set as the buy target in our previous forecast for this currency pair. The pair earlier reversed up sharply from the support zone lying between the former resistance trendline from the start of the year (acting as support now after it was broken previously) and 50% Fibonacci Correction of the earlier upward impulse wave from July.
The breakout of the resistance level 1.1200 is likely to strengthen the bullish pressure on this currency pair in the coming trading sessions. EUR/USD is set to rise further in the active minor corrective wave 2 toward the next buy target at the resistance level 1.1400.