EURUSD Technical Analysis Report 14 May, 2024

Dmitry Chernovolov Market Analyst

EURUSD currency pair can be expected to rise further toward the next key resistance level 1.0875

– EURUSD broke resistance level 1.0785

– Likely to rise to resistance level 1.0875

EURUSD currency pair under the bullish pressure after the price broke above the resistance level 1.0785 (which has been reversing the price from the start of May, as can be seen from the daily EURUSD chart below). The breakout of the resistance level 1.0785 coincided with the breakout of the daily down channel from December and the 50% Fibonacci correction of the downward impulse from the start of March. The breakout of these 3 resistance levels accelerated the active minor impulse wave c, which belongs to the higher order ABC correction ii from last month.

Given the strongly bullish euro sentiment, EURUSD currency pair can be expected to rise further toward the next key resistance level 1.0875 (previous monthly high from April), which is the target price for the completion of the active impulse wave c.

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