• EURUSD reversed from strong resistance zone
• Likely to fall to support level 1.1230

EURUSD currency pair recently reversed down from the strong resistance zone lying at the intersection of the pivotal resistance level 1.13569 (which has been repeatedly reversing the price from the middle of November) intersecting with the upper daily Bollinger Band and the 38.2% Fibonacci correction of the sharp downward impulse wave from last month. The downward reversal from this resistance zone stopped the previous minor upward impulse wave (c).

Given the strength of the aforementioned resistance zone and the overriding downtrend that can be seen on the daily euro charts, this currency pair can be expected to fall further toward the next support level 1.1230 (low of the earlier correction (b)).