In the long term, EURUSD suggests the formation of a horizontal pattern. This is most likely a contracting a-b-c-d-e triangle of the cycle degree.
At the time of writing, a bearish wave d is under construction, which is a complex form of a triple combination Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The current chart shows the internal structure of the last primary wave Ⓩ.
Wave Ⓩ takes the form of an intermediate double (W)-(X)-(Y) zigzag, where wave (W) is a double zigzag, wave (X) is a triple zigzag. Currently, the last actionary sub-wave (Y) is developing. This can be simple in structure and take the form of a zigzag A-B-C, as shown on the chart.
It is likely that the minor zigzag will reach the 1.066 mark. At that level, intermediate wave (Y) will be at the 76.4% Fibonacci extension of wave (W).
Alternatively, the construction of a bearish triple zigzag of the primary degree can complete much earlier.
Most likely, the price will drop a little more, to the level of 1.079, and then the market will turn around and start moving up. At that level, primary wave Ⓩ will be at the 61.8% Fibonacci extension of wave Ⓨ.
It is possible that it will be a simple zigzag Ⓐ-Ⓑ-Ⓒ and will end near 1.138. At that level, wave e will be at 38.2% along the Fibonacci lines of wave d.
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