Forex Trading Library

EURUSD Bearish Correction Is Complete?

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The formation of the EURUSD currency pair shows a bearish corrective wave ④ of the primary degree.

Wave ④ is an intermediate (A)-(B)-(C) zigzag, where (A) and (C) are both impulses, and (B) is a standard zigzag.

The intermediate impulse wave is not yet fully complete. Minor wave 4 is currently under construction and this is a minute double three.

Most likely, the price will reach the level of 1.199, located on the resistance line, where the minute wave ⓨ will end. Then the price will begin to decline within the minor wave 5 to the 1.175 area.

At that level, intermediate impulse (C) will be at 123.6% of impulse (A).

eurusd elliott

According to the alternative version, the formation of the primary corrective wave ④ was completed. Here, its structure hints at a bearish double (W)-(X)-(Y) zigzag.

If this is the case, then we are currently in the initial part of the bullish impulse wave ⑤.

At the moment, only sub-waves (1) and (2) are complete, so the remaining three sub-waves (3)-(4)-(5) are expected to develop in the near future.

It is likely that the price will move to the previous high, and go above 1.234.

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