In the long term, EURUSD currency is likely to form a bearish corrective trend. This could take the form of a double zigzag consisting of cycle waves w-x-y.
It is likely that at the time of writing, the construction of the actionary wave w has ended. It took the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. Prices then moved higher in the reactionary intervening wave x. Most likely, this wave takes the form of a primary zigzag Ⓐ-Ⓑ-Ⓒ, as shown in the chart.
The first primary wave Ⓐ, which can take the impulse pattern, will end near the price level of 1.079. This is the previous maximum, which was marked by the intermediate intervening wave (X).
According to the alternative, the formation of the cycle actionary wave w has not yet ended. Most likely, in the next coming trading weeks, the formation of an intermediate wave (Z) could continue. This could take the form of a minor double zigzag W-X-Y.
The last minor wave Y can end in the form of a minute standard zigzag ⓐ-ⓑ-ⓒ. The minute impulse wave ⓒ is likely to end near 0.975. At that level, sub-wave (v) will be at 123.6% of sub-wave (iii).
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