EURUSD: 1.1105 Likely To Complete Bullish Zig-Zag

0 1,390

EURUSD seems to be moving into an intermediate bearish impulse.

Following the completion of primary waves ① and ②, markets wrapped up intermediate wave (1) and near the completion of wave (2). Wave (1) is a bearish 5-wave impulse. Wave (2) is a bullish zigzag correction consisting of minor sub-waves A, B, and C.

Wave A seems to be fully completed, whereas waves B and C are still under development.

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Looking at the short-term 30M timeframe, we can notice that minor wave B is a complex ⓦ, ⓧ, ⓨ combination which is likely to end soon near the 50% Fibonacci retracement 1.1046.

A test at the said low could trigger the last bullish 5-wave impulse C which has an extension near 1.1105.

At that level, intermediate wave (2) will have reached the 61.8% Fibonacci retracement of wave (1).

eurusd 4h

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