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EURUSD Impulsive Trend Hints at Fresh Highs

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The EURUSD structure hints at a bullish impulse consisting of waves ①-②-③-④-⑤.

At the time of writing, intermediate wave (1) of the primary 5th wave has completed.

In the short term, a decline in zigzag correction (2) near 1.172 is expected. At that level, wave (2) will be at 61.8% of wave (1).

Finally, intermediate impulse (3) could lead prices above the previous high at 1.223. At that level, wave (3) will be at 161.8% of impulse (1).

eurusd

An alternative scenario shows primary correction wave ④ has not yet completed.

Here it takes the form of a triple zigzag consisting of intermediate sub-waves (W)-(X)-(Y)-(X)-(Z).

A decline in the final wave (Z) to 1.160 shows a confluence of the support line drawn through vertices (W) and (Y).

We could then expect prices to rise above 1.201.

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