Forex Trading Library

EURUSD Cycle Correction Nears Completion Level

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Chart of EURUSD

We talked about the EURUSD pair a few reviews ago. The construction of a bearish cycle impulse, consisting of five main sub-waves I-II-III-IV-V continues.

Most likely, correction IV is under development. This complex correction looks like a triple zigzag consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

The primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ look complete. The development of the last sub-wave is expected in the near future. It can form a zigzag (A)-(B)-(C). Impulse (C) is needed to complete this zigzag. Its end is possible at 1.122.

At that level, correction IV will be 61.8% of impulse III.

Chart of EURUSD

Let’s look at the second option. According to this view, cycle correction IV has been completed. It is a triple zigzag.

Now we can notice the development of the initial part of the cycle wave V. This could take the form of a primary impulse.

It is assumed that the bears can re-go to the minimum of 0.953, at which a large impulse wave III was completed.

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