EUR/USD: sell target - 1.1100
By: Dmitriy Chernovolov
- EUR/USD reversed from resistance area
- Next sell target - 1.1100
EUR/USD continues to fall after the recent sharp downward reversal from the resistance zone lying between the resistance level 1.1300 and the 50% Fibonacci Correction of the previous sharp downward price impulse from the strong resistance level 1.1400. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Falling Star, as you can see below.
EUR/USD is likely to fall further – inside the active intermediate impulse wave (3) – toward the next sell target at the support level 1.1100 (which stopped the previous sharp intermediate impulse wave (1) at the start of this month).