EUR/USD continues to rise after the recent reversal from the support level 1.3800. This support level corresponds to the breakout level of the earlier down channel from the middle of March (which has enclosed the preceding intermediate corrective wave (2), as you can see below).
The support area surrounding 1.3800 was also strengthened by 50% Fibonacci Correction of the preceding sharp minor upward impulse wave 1. The pair is expected to rise toward the closest buy target 1.3900 – followed by 1.3970 (top of wave (1)).
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