EURUSD Technical Analysis Report 14 May, 2024
- The EURUSD currency pair is expected to rise further toward the next key resistance level 1.0875.
- The price broke above the resistance level 1.0785, which has been reversing the price from the start of May.
- The breakout of the resistance level 1.0785 coincided with the breakout of the daily down channel from December and the 50% Fibonacci correction of the downward impulse from the start of March.
Following a breakout above the resistance level 1.0785, the EURUSD currency pair is expected to rise further toward the next key resistance level 1.0875.
Breakout Above Resistance Level 1.0785
The EURUSD currency pair is under bullish pressure after the price broke above the resistance level 1.0785, which has been reversing the price from the start of May. This breakout coincided with the breakout of the daily down channel from December and the 50% Fibonacci correction of the downward impulse from the start of March. The breakout of these three resistance levels accelerated the active minor impulse wave c, which belongs to the higher order ABC correction ii from last month.
Strongly Bullish Euro Sentiment
Given the strongly bullish euro sentiment, the EURUSD currency pair can be expected to rise further toward the next key resistance level 1.0875. This level is the previous monthly high from April and is the target price for the completion of the active impulse wave c.
Rising Toward Key Resistance Level 1.0875
The EURUSD currency pair is expected to rise further toward the next key resistance level 1.0875. This level is the previous monthly high from April and is the target price for the completion of the active impulse wave c. The bullish sentiment surrounding the euro is expected to drive the currency pair higher in the near term.
Conclusion
The EURUSD currency pair is expected to rise further toward the next key resistance level 1.0875 following a breakout above the resistance level 1.0785. The bullish sentiment surrounding the euro is expected to drive the currency pair higher in the near term. However, investors should remain cautious as market conditions can change rapidly.
