By Orbex
The EURUSD currency pair seems to be forming a large bullish impulse. This impulse consists of intermediate sub-waves (1)-(2)-(3)-(4)-(5). The construction of the intermediate correction wave (4), which takes a complex structure, has ended.
After the completion of the intermediate correction (4), the market turned around and began to move in an upward direction. Currently, the development of an intermediate impulse wave (5) has begun.
The price in wave (5) could rise above the maximum of 1.2268, of the minor intervening wave X.
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Let’s consider an alternative scenario, where the formation of an intermediate correction (4) has not ended. Not so long ago, the market completed the formation of the minute intervening wave ⓧ, which is part of the minor wave Z.
A minute wave ⓩ is necessary to complete the minor wave Z. Most likely, it will take the form of a minuette simple zigzag (a)-(b)-(c), as shown on the chart.
Thus, in the near future, a zigzag move of the market will likely direct down to 1.1409. At that level, minor wave Z will be at 161.8% of wave Y.
Article by Orbex
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