EUR/USD: sell targets - 1.0800 and 1.0700
By: Dmitriy Chernovolov
- EUR/USD falling inside impulse waves 3 and (3)
- Next sell targets - 1.0800 and 1.0700
EUR/USD continues to fall after the recent downward reversal from the resistance area lying between the resistance level 1.1000 (which also previously reversed the price at the start of November) and the 38.2% Fibonacci Correction of the previous sharp downward impulse wave from the end of August (as you can see from the daily EUR/USD chart below).
EUR/USD is likely to continue to fall in the active impulse waves 3 and (3) toward the next sell target at the support level 1.0800 – the breakout of which can lead to further losses toward 1.0700.