• EUR/USD reversed from support zone
• Further gains are likely
EUR/USD continues to rise after the earlier upward reversal from the support zone lying between the major support level 1.1550 (which reversed the price in November) and the lower daily Bollinger Band.
The upward reversal from this support zone created the daily Japanese candlesticks reversal Bullish Engulfing – which marked the end of the previous long-term ABC correction ② from February.
With the oversold reading on the daily Stochastic – EUR/USD is likely to continue to rise toward the next resistance level 1.1800 (low of the previous impulse wave 3)