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EURUSD Wave Analysis – 8 July, 2019

  • EURUSD reversed from resistance area
  • Further losses are likely

EURUSD recently reversed down from the resistance area lying between the strong resistance level 1.1400 (previous monthly high from February and March), upper weekly Bollinger Band and the 61.8% Fibonacci correction level of the previous weekly downward impulse from January.

The downward reversal from this resistance area created the weekly Japanese candlesticks reversal pattern Evening Star.

EURUSD is expected to fall further and retest the next support level 1.1175 (support from the middle of June).

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Source: FxPro


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