Daily Market Analysis for EURUSD

EUR/USD continues to fall inside the minor impulse wave 3, which started earlier from the resistance zone lying between the key resistance level 1.0800 and the 38.2% Fibonacci correction level of the previous sharp downward impulse from last May (as can be seen form the weekly EUR/USD chart below). The active minor impulse wave 3 belongs to the intermediate impulse wave (3) – which is itself a part of the long-term downward impulse ③ from the middle of 2015. EUR/USD is expected to fall to the next sell target at the support level 1.0400.