EURUSD currency pair can be expected to rise further toward the next resistance level 1.1250 (which stopped the previous correction 2 last week).
- EURUSD reversed from support zone
- Likely to rise to resistance level 1.1250
EURUSD currency pair recently reversed up from the support zone between the support level 1.1110 (low of the previous impulse wave 1 from the middle of October, as can be seen from the daily EURUSD chart below) and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Doji – which stopped the previous short-term downward impulse 3 from the middle of last week – which belongs to wave (C) from August.
Given the strength of the support level 1.1110, the bullish divergence on the daily RSI indicator and the moderately bullish euro sentiment seen across the FX markets after the Fed’s dovish-leaning hold, EURUSD currency pair can be expected to rise further toward the next resistance level 1.1250 (which stopped the previous correction 2 last week).
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