By Orbex
EURUSD eyes the development of a large bullish impulse. This impulse consists of intermediate sub-waves (1)-(2)-(3)-(4)-(5). Most likely, the construction of an intermediate correction (4) has recently ended. This has a complex internal structure of a triple zigzag W-X-Y-X-Z of the minor degree.
After the completion of the intermediate correction (4), the market moved higher. The development of an intermediate impulse wave (5) has begun. This consists of sub-waves 1-2-3-4-5, as shown on the chart.
Most likely, in the near future, the price in sub-wave 3 will rise to a high of 1.2268. This was marked by the minor intervening wave X.
Free Reports:
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.
To complete the minor wave Z, a minute wave ⓩ is necessary. Most likely, it will take the form of a minuette simple zigzag (a)-(b)-(c), as shown on the chart. Correction (b) may soon come to an end, after which the development of impulse (c) will begin.
Thus, in the short term, we could expect the market to move down near 1.1353. At that level, minute wave ⓩ will be at 100% of wave ⓨ.
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
Source: Clive Maund (4/29/24) Technical Analyst Clive Maund shares an update on Revolve Renewable Power…
Source: Michael Ballanger (4/29/24) Michael Ballanger of GGM Advisory Inc. takes a look at the…
By JustMarkets On Monday, the Dow Jones (US30) rose by 0.38%, while the S&P 500 (US500) Index gained 0.32%. The…
By ForexTime FXTM launches 10 new commodities! Copper jumps to two-year high Prices up almost…
By JustMarkets On Friday, the Dow Jones (US30) Index gained 0.40% (for the week +0.32%), while the…
By RoboForex Analytical Department The USD/JPY pair is hovering around 155.00 on Monday, having earlier touched…
This website uses cookies.