EURUSD Technical Analysis Report 04 February, 2021

• EURUSD broke support area
• Likely to fall to support level 1.1900

EURUSD recently broke the support area located between the powerful support level 1.200 (former multi-month resistance level from past September) intersecting with the 50% Fibonacci correction level of the pervious upward impulse from November and the support trendline of the weekly up channel rom last year. The breakout of this support area should accelerate the active impulse wave C.

Given the powerful bullish sentiment affecting US dollar on the currency markets today – EURUSD can be expected to fall further toward the next support level 1.1900 (former resistance level from November and the target price for the completion of the active impulse wave C).

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