EURUSD Technical Analysis Report 5 March, 2021

• EURUSD broke key support level 1.1965
• Likely to reach support level 1.1800

EURUSD continues to fall after the earlier breakout of the support area lying between the key support level 1.1965 (which stopped the previous impulse wave A at the start of February) and the 50% Fibonacci correction level of the previous sharp upward impulse (1) from the start of November. The breakout of this support area accelerated the active minor impulse wave C from last month – of the ABC correction (2) from the start of January.

Given the predominantly bullish US dollar sentiment seen across the FX markets these days – EURUSD is likely to fall further in the active impulse wave C toward the next support level 1.1800 (target for the completion of he active ABC correction (2), low of wave (ii) from November).

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