- EURUSD reversed from support area
- Further gains are likely
EURUSD recently reversed up from the support area lying between the key support level 1.12700 (which has been reversing the price from the start of October) and the lower daily Bollinger Band.
The upward reversal from this support area stopped the previous medium term impulse wave (3) of the longer-term downward impulse sequence from January.
Given the oversold reading on the daily Stochastic – EURUSD is expected to rise further and re-test the next resistance level 1.1400.