EUR/USD: sell targets - 1.0900 and 1.0800
By: Dmitriy Chernovolov
- EUR/USD reversed from resistance zone
- Next sell targets - 1.0900 and 1.0800
EUR/USD continues to decline after the recent sharp downward reversal from the resistance zone lying between the former support trendline of the wide daily up channel from March (acting as support now after it was broken) and the resistance level 1.1100 (former pivotal support level which stopped the intermediate impulse wave (1) at the start of September, as you can see below). The downward reversal from this resistance zone continues the active intermediate impulse wave (3) from October.
EUR/USD is likely to fall to the next sell targets at the next support levels 1.0900 and 1.0800. Strong resistance remains at 1.1100.