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EURUSD reversed from support area; Likely to rise to 1.19000

EURUSD continues to rise inside the impulse wave (i) which previously broke the resistance area lying between the key resistance level 1.17650 (former strong support from September and Augusts) and the 32.8% Fibonacci correction of the previous downward ABC correction (2) from the start of September. Given the predominantly bullish euro sentiment seen across the FX markets today, EURUSD is likely to rise further toward the next resistance level 1.19000 (top of the previous wave B from last month).

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