EURUSD currency pair recently corrected up from the support area set between the multi-month support level 1.17050 (which stopped the sharp downward impulse wave at the end of March) and the lower daily Bollinger band. The upward reversal from this support zone stopped the earlier extended ABC correction 2 from the end of May. Given the strength of the aforementioned support area and the oversold daily Stochastic – EURUSD currency pair can be expected to rise further toward the next resistance level 1.17650 (former support from the middle of July).