By Orbex
The current structure of the EURUSD pair suggests the construction of a downward correction pattern. This takes the form of a triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag of the primary degree.
It seems that two months ago the bearish wave Ⓨ ended, which took the form of a double zigzag (W)-(X)-(Y) of the intermediate degree. Then prices moved sideways within the primary intervening wave Ⓧ . This took the form of an intermediate triple three (W)-(X)-(Y)-(X)-(Z).
In the near future, an increase in the sub-wave (Z) to the level of 1.1485 is likely. After reaching this level, market participants can expect the depreciation of EURUSD in the primary wave Ⓩ.
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Another option shows that the intervening wave Ⓧ could have already bent. In this case, it is a double zigzag of the intermediate degree.
Therefore, there is an expectation for a descending primary wave Ⓩ to form in the upcoming trading days. This actionary wave is likely to take a complex formation of a double zigzag (W)-(X)-(Y).
The end of the potential double zigzag will likely be around the level of 1.0939. At that level, primary wave Ⓩ will be at 50% of wave Ⓨ.
Article by Orbex
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
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