EURUSD: Eyeing 1.099 Following Zig-Zag Completion

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The current EURUSD structure suggests that a bullish intermediate zigzag ((A) (B) (C))  completed near 1.1180, where primary wave ② ended.

A fresh bearish impulse wave seems to be forming now, which has completed intermediate sub-waves (1) and (2) already.

In the short-term, we could see the pair decline in a 5-wave impulse pattern near 1.099.forex eurusd

Intermediate wave (1) took the form of a bearish 5-wave impulse consisting of minor waves 1-2-3-4-5.

The corrective intermediate wave (2), which looks fully completed at the time of writing, stopped and reversed down at wave 1’s low near 1.1160. And that makes the current minor structure impulsive.

In the next coming trading days it would be interesting to watch validation signals from bears as a further decline could be expected to take prices near the previous intermediate wave (В) of the corrective zigzag that completed primary wave ②.

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