01 Sep

EURUSD Could Have Reversed

September 1, 2021

By Orbex

Analysts expect the EURUSD pair to ascend as part of its final 5th wave.

Following the completion of intermediate wave (4) as a triple zigzag, the 5-wave move might consist of minor sub-waves 1-2-3-4-5.

Currently, the market is showing a biased upwards move, forming wave 1.

In the medium-term traders can look for resistance at 1.2268. Intervening wave X marked these levels.

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EURUSD

A triple zigzag within the triple zigzag makes a probable alternative to the scenario above.

This type of combination would become part of the second actionary wave of the triple zigzag. This would bring the final intervening wave ⓧ within the minor wave Z.

To complete Z, we can expect a minuette simple (or double) zigzag.

The zigzag could have the pair decline toward 1.1403. At that level, minor wave Z will be at 161.8% of wave Y.

By Orbex


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