• EURUSD reversed from support area
• Likely to rise to 1.2275

EURUSD recently reversed up from the support area lying between the key support level 1.2165 (former resistance from the start of December), 38.2% Fibonacci correction of the upward impulse from the start of this month and the support trendline of the daily up channel from start of November. The upward reversal from this support area started the active impulse wave (5).

Given the strong daily uptrend and the improvement in the risk sentiment seen across the FX markets after the approval of the approval of U.S. stimulus package – EURUSD is likely to rise further toward the next resistance level 1.2275 (top of the previous minor impulse wave (3) from last week).