EURUSD Could Have Reversed

By Orbex

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

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