EUR/USD: buy targets - 1.1200 and 1.1300
By: Dmitriy Chernovolov
- EUR/USD broke resistance zone
- Next buy targets - 1.1200 and 1.1300
EUR/USD continues to rise inside the C-wave of the intermediate ABC correction (4) from the start of December. The active C-wave earlier broke the resistance zone lying between the resistance levels 1.1050 and 1.0970 (which has been repeatedly reversing the price from the start of December, as can be seen below). The breakout of this resistance zone coincided with the breakout of the 38.2% Fibonacci correction of the previous downward impulse from August.
EUR/USD is likely to rise further in the active intermediate ABC correction (4) toward the next buy targets at the resistance levels 1.1200 and 1.1300. Strong support now stands at 1.1050 and 1.0970.