Is EURUSD Set for a Reversal? Watch the Potential Reversal ZonesThe recent release of Core PPI and PPI m/m published in lower than expected , signaling a potential decrease in inflationary pressures in the U.S. This could lead to speculation about a more dovish stance from the Federal Reserve, which might weaken the U.S. Dollar and provide support for other currencies, including the Euro.
Let’s analyze how this data could influence the EURUSD ( FX:EURUSD ) chart.
The EURUSD is moving through a Heavy Support zone($1.036-$1.011) .
According to the theory of Elliott waves , it seems that EURUSD has completed the main five waves (downward) , and we can expect upward waves .
I expect EURUSD to start rising again from the lower Potential Reversal Zone(PRZ) and Uptrend line and then attack the upper Potential Reversal Zone(PRZ) . If this zone is broken, we should wait for the EURUSD to attack the Resistance line .
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⚠️Note: If the EURUSD goes below the lower Potential Reversal Zone(PRZ), EURUSD may fall further.
Euro/U.S.Dollar Analyze (EURUSD), 1-hour time frame⏰.
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