• EURUSD reversed from support area
• Likely to rise to resistance level 1.1530
EURUSD currency pair recently broke through the combined resistance area located at the intersection of the key resistance level 1.13760 (which has been reversing the pair from the end of November, as can be seen from the daily EURUSD chart below) and the resistance trendline of the daily down channel from the end of May. The breakout of this resistance area accelerated the active minor impulse wave (i) – which belongs to the higher order impulse wave C from the start of January.
Given the rising bullish euro sentiment that can be seen across the FX markets , EURUSD currency pair can be expected to rise further toward the next resistance level 1.1530 (former strong support from October).