LeoPrime Daily Market Analysis

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EURUSD reversed from resistance area; Likely to fall to support level 1.13000;

EURUSD currency pair recently reversed down from the resistance zone located between the key resistance level 1.14500, upper daily Bollinger Band, resistance trendline of the daily up channel from November and the 50% Fibonacci correction of the downward impulse from October. The downward reversal from this resistance area created the daily Evening Star. Given the strong daily downtrend and the rising US dollar bullishness as seen across the currency markets today – EURUSD currency pair can be expected to fall further toward the next support level 1.13000.

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