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EURUSD Long Correction Likely To End Near 1.122

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Chart of EURUSD

In the long term, the EURUSD currency is expected to form a bearish cycle impulse consisting of sub-waves I-II-III-IV-V.

Most likely, the market is in a bullish correction wave IV. This complex correction is like a triple zigzag consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

The primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ look complete. The development of the last sub-wave Ⓩ is likely in the near future. It could form a zigzag (A)-(B)-(C) near 1.122. At that level, correction IV will be 61.8% of impulse III.

Chart of EURUSD

According to the alternative version, the cycle correction IV has ended and is a triple zigzag, as in the main version.

In the last section of the chart, we can notice the development of the initial part of the cycle wave V. This could take the form of a primary impulse.

Prices can retest the minimum of 0.953, at which a large impulse wave III was completed.

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