Forex Trading Library

EURUSD: Final Leg Of Bullish Triple Zigzag

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In the long term, the EURUSD currency pair seems to be forming a bearish corrective trend. This could take the form of a double zigzag consisting of cycle waves w-x-y.

Most likely, in the middle of this month, the construction of the actionary wave w ended. This wave took the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. Now we see the beginning of the reactionary intervening wave x. Most likely, this wave takes the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

To complete this triple zigzag, a primary sub-wave is needed. Together with the wave Ⓩ, the price could rise to 1.1063. At that level, wave Ⓩ will be equal to wave Ⓨ.

According to an alternative scenario, the bullish intervening wave x can take the form of a standard zigzag Ⓐ-Ⓑ-Ⓒ. Currently the primary impulse wave Ⓐ has ended. This consisted of intermediate sub-waves (1)-(2)-(3)-(4)-(5).

In the near future, a decline in the currency in the primary correction wave Ⓑ is likely.

The end of the corrective decline is possible near 1.045. At that level, wave Ⓑ will be at 76.4% along the Fibonacci lines of impulse Ⓐ.

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