Forex Trading Library

EURUSD Fourth Wave of Impulse Completed?

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EURUSD seems to be forming a major primary bullish impulse.

The bearish correction wave ④ has recently completed, which formed a zigzag consisting of sub-waves (A)-(B)-(C).

In the short term, the primary wave ⑤ could reach the previous high marked by the impulse ③, above 1.234.


However, an alternative scenario indicates an incomplete wave ④.

Its formation hints at a double (W)-(X)-(Y) zigzag, where the first sub-wave (W) has already ended.

After the completion of wave (X), we can expect wave (Y) as a standard zigzag.

The end of the intervening wave (X) is likely near 1.219. At that level, it will be at 61.8% of the intermediate wave (W).

Finally, zigzag (Y) could lead prices lower to 1.180. The target would respect the tenancy of intermediate sub-waves (W) and (Y) being equal.

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