EURUSD Technical Analysis 4 October, 2021

• EURUSD reversed from major support zone
• Likely to rise to resistance levels 1.1665

EURUSD currency pair continues to rise after the pair reversed up from the major support zone located between the powerful, long-term support level 1.1600(which has been reversing the price from the end of 2020), lower weekly Bollinger Band and the 50% Fibonacci correction of the weekly upward impulse from March of 2020). The upward reversal from this support zone stopped the earlier impulse waves 3 and (3).

Given the strength of the aforementioned support zone and the rising euro bullishness seen across the currency markets today, EURUSD currency pair can be expected to rise further toward the next resistance level 1.1665 (former low of wave 1 from August).

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