EURUSD: Bullish Outlook – The currency pair has reversed from the key support level at 1.1300 and is expected to rise toward the resistance level at 1.1400.
EURUSD recently staged a strong upward reversal from a critical support zone located between the support level 1.1300 (which served as a multi-month low in July) and the lower boundary of the daily Bollinger Band.
This upward bounce completed wave 5 of the minor impulse wave (3) and initiated the short-term corrective wave (4). Given the solid defense of the 1.1300 support level and the oversold conditions in the daily Stochastic oscillator, the pair is poised to extend its upward trajectory toward the next resistance at 1.1400.
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