EURUSD Could Complete Zig-Zag Leg Near 1.102

0 2,113

The current EURUSD formation hints to a bullish double zigzag Ⓦ-Ⓧ-Ⓨ.

Primary wave Ⓦ, consisting of intermediate sub-waves (A)-(B)-(C), looks fully completed.

Currently, the market is moving down in the first correction of the intervening wave Ⓧ. This wave could take the form of a simple zigzag (A)-(B)-(C) of an intermediate degree.

In the medium term, the pair could fall near 1.102. At that level, primary wave Ⓧ will be at 50% of  zigzag Ⓦ.

eurusd

An alternative scenario, however, suggests that wave Ⓦ is not yet fully complete.

Waves (A) and (B) of Ⓦ are complete, impulse wave (C), however, is currently under development.

With waves 1-2-3 done, minor correction wave 4 could end soon near 1.115.  At that level, it will be at 50% of impulse wave 3.

Wave 4 will then be followed by a bullish impulse 5 could end wave (C) near 1.160.

At the level, wave (C) will be equal to 161.8% of (A).

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