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EURUSD Bearish Impulse Completes Primary Wave Ⓧ

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Chart of EURUSD

The EURUSD currency pair seems to form a large corrective wave within the global impulse trend. Cycle correction IV, most likely, takes the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ.

The first actionary leg Ⓦ is completed in the form of a simple zigzag (A)-(B)-(C). A bearish intervening wave Ⓧ could be in the development stage now. It is also similar to the standard zigzag (A)-(B)-(C), which requires the last impulse sub-wave (C) to complete.

It is assumed that the price, along with impulse (C) going down, could fall to the 1.007 mark. At that level, impulse (C) will be at 123.6% of first impulse (A).

Chart of EURUSD

An alternative scenario suggests that the primary intervening wave Ⓧ will be shorter. It could end in the form of a zigzag (A)-(B)-(C).

Thus, the last upward movement of the price could indicate that the development of a new actionary wave Ⓨ has begun. Like the primary sub-waves Ⓦ and Ⓧ, the wave Ⓨ can take a zigzag shape (A)-(B)-(C), as shown in the chart.

There is a high probability that the first intermediate wave (A) will end near the February maximum at 1.149.

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