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EURUSD Wave Analysis – 16 January, 2019

  • EURUSD reversed from resistance area
  • Further losses are likely

EURUSD recently reversed down from the resistance area lying between the resistance level 1.1570, upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous downward impulse (1) from the end of September.

This resistance area was further strengthened by the upper resistance trendline of the daily up channel from November.

EURUSD is expected to fall further and re-test the next round support level 1.1300 (which has been reversing the price form the end of November).

1548231167EURUSD

Source: FxPro


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