EURUSD Wave Analysis 10 October 2024

– EURUSD broke support zone

– Likely to fall to support level 1.0875

EURUSD currency pair under the bearish pressure after the earlier breakout of the support zone located between the key support level 1.1000 (former monthly low from September) and the 50% Fibonacci correction of the upward impulse from July.

The breakout of this support zone accelerated the active minor impulse wave c of wave (iv) from the end of August.

Given the simultaneously bearish euro sentiment and bullish US dollar sentiment, EURUSD currency pair be expected to fall further to the next support level 1.0875, low of wave ii from August.

Source: https://fxpro.news