EURUSD Chart Technical Outlook correcting higher, resistance at 1.0806
EUR/USD – the sell-off stalled close to the 161.8% extension level of 1.0644. Elliott Wave enthusiasts will look to the current move higher as being a choppy 4th wave correction in a bearish 5-wave formation.
This correction will normally move higher in three waves. A common retracement level is the 38.2% pullback level of the last decline. This is located at 1.0807. We are seeing sellers re-emerge close to the previous swing low of 1.0775 (Mar 28).
The one-hour chart highlights a supply zone at 1.0806.
Resistance: 1.0775 (swing low), 1.0806 (supply), 1.0807 (38.2%)
Support: 1.0750 (projected), 1.0725 (swing low), 1.0695 (this year’s base).
