In the long term, EURUSD is forming a bearish cycle impulse, which consists of sub-waves I-II-III-IV-V.
Once the cycle impulse sub-wave III ended, the formation of a bullish correction IV began. This correction is similar to a double zigzag consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ.
The primary sub-waves Ⓦ and Ⓧ look complete. The development of the last sub-wave Ⓨ is likely soon. It could form a double zigzag pattern W-X-Y near 1.0204. At that level, wave Ⓨ will be at 123.6% of first actionary wave Ⓨ.
According to the alternative, the cycle correction IV has been fully completed and it is a standard zigzag Ⓐ-Ⓑ-Ⓒ.
In the last section of the chart, we can notice the development of the last leg of the cycle wave V. This takes the form of a primary impulse ①-②-③-④-⑤.
At the specified impulse, the first four parts look finished, and the last sub-wave ⑤ is under development.
In the near future, the currency is expected to decline to 0.948. At that level, cycle wave V will be at 38.2% of wave III.
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