EURUSD Impulse Underway

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The current EURUSD structure hints to a zigzag consisting of waves Ⓐ-Ⓑ-Ⓒ. The primary wave Ⓑ of the bearish pattern is a zigzag.

Wave Ⓑ of (B) seems to have taken a triple zigzag W-X-Y-X-Z formation.

The bullish price action suggests that a 5-wave impulse in wave (C) could be expected near 1.114 – i.e. above the previous high of impulse (A).

EURUSD

An alternative scenario suggests that intermediate wave (B) has not yet been completed in full. Also, that minor wave Z is still under development at the time of writing.

Thus, we can expect the pair to rise near 1.092. The projected target would respect the tenancy of prices retracing 61.8% when comparing sub-waves ⓑ and ⓒ.

Then, a decline to the previous low of 1.076 could be possible.

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