EURUSD Chart Technical Outlook expect trading to remain mixed and volatile as we correct lower in wave 2, we have a gap open at 1.0418
Although EUR/USD traded to the highest level in six days on Friday, most of the initial gains were sold into.
We have bespoke resistance levels located at 1.0575, 1.0747, and 1.1021. The Fibonacci tool highlights the 161.8% extension level at 1.0761 and the 261.8% extension level at 1.1027.
We have a gap open at 1.0418 from Friday, November 22. We have a gap open at 1.0578 from Friday, November 29. Gaps tend to be closed
Conclusion: Elliott Wave analysis would suggest we are currently trading within the corrective second wave of a bullish 5-wave count. I would expect mixed and volatile price action to continue, possibly until the US nonfarm payroll data on Friday. Prime support is the gap closure at 1.0418.
Resistance: 1.0575 (bespoke), 1.0578 (gap open), 1.1027 (261.8%)9
Support: 1.0501 (demand), 1.0418 (gap open), 1.0332 (swing low)
