EUR/USD: sell target -1.1150
By: Dmitriy Chernovolov
- EUR/USD reversed from pivotal resistance level 1.1340
- Next sell target -1.1150
EUR/USD recently reversed down from the pivotal resistance level 1.1340, which previously reversed the price strongly at the start of February, as can be seen from the daily EUR/USD chart below. The resistance zone near the resistance level 1.1340 was strengthened by the upper daily Bollinger Band. The downward reversal from the resistance level 1.1340 stopped the active minor impulse wave 3 of the intermediate (C)-wave from the start of December.
Given the overbought reading on the daily Stochastic indicator and the strength of the resistance level 1.1340 - EUR/USD can be expected to fall further from the current levels toward the next sell target at the support level 1.1150.