EURUSD Technical Analysis 16 September, 2021

• EURUSD broke support level 1.1777
• Likely to fall to support level 1.1680

EURUSD currency pair under the bearish pressure after the price broken the support level 1.1777 (previous minor reversal low, as can be seen from the daily EURUSD chart below). The breakout of the support level 1.1777 continues the active short-term impulse wave (iii), which belongs to the higher order impulse waves 3 and (3) from the middle of May.

Given the strongly bearish euro sentient across the currency markets today as well as significant USD inflows – EURUSD currency pair can be expected to fall further toward the next support level 1.1680 (low of wave 1 from the middle of last month). Strong resistance now stands at the resistance level 1.1777.

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