Euro Rally

EURUSD Technical Analysis 16 November, 2021

• EURUSD broke key support level 1.1530
• Likely to fall to support level 1.1300

EURUSD currency pair recently broke the key support level 1.1530 (which has been steadily reversing this currency pair from the start of October, as can be seen from the daily EURUSD chart below). The breakout of the support level 1.1530 accelerated the active short-term impulse wave (iii) of the higher order impulse waves 3 and (3) from September and May respectively.

Given the strong daily downtrend and the continuation of the bearish euro sentiment as seen across the currency markets today, EURUSD currency pair can be expected to fall further toward the next support level 1.1300 (target for the completion of the active impulse wave (iii)).

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