EURUSD currency pair can be expected to rise to the next resistance level 1.1655 (former support from the end of September which stopped the earlier impulse wave 1).
- EURUSD reversed from support area
- Likely to rise to resistance level 1.1655
EURUSD currency pair recently reversed up from the support area set between the strong support level 1.1550 (which has been reversing the price from the end of August), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from July. The upward reversal from this support area formed the daily Japanese candlesticks reversal pattern Piercing Line – which follows the earlier Bullish which EURUSD currency pair formed near the same support area, as can be seen from the daily EURUSD chart below.
Given the strength of the support level 1.1550 and the multi-month uptrend that can be seen on the daily charts, EURUSD currency pair can be expected to rise to the next resistance level 1.1655 (former support from the end of September which stopped the earlier impulse wave 1).
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