EURUSD Bulls Target 1.1148 Amid ZigZag Pattern

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The current formation hints to a zigzag pattern consisting of intermediate sub-waves (A)-(B) -(C).

Sub-waves (A) and (B) are fully completed. Wave (A) is a 5-wave impulse, and wave (B) is a triple zigzag.

Currently, we can see wave (C) nearing its end.

In the short term, prices may increase in the final wave 5 above wave (A), i.e. above the previous high of 1.1148.

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An alternative scenario sees intermediate wave (B) as an incomplete triple zigzag.

We could then see the intervening wave X conclude on the resistance trendline near 1.1064.

After the completion of wave X, markets could decline in the final wave Z below wave (Y), i.e. below the previous low of 1.0729.

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