We talked about the EURUSD pair a few reviews ago. The construction of a bearish cycle impulse, consisting of five main sub-waves I-II-III-IV-V continues.
Most likely, correction IV is under development. This complex correction looks like a triple zigzag consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
The primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ look complete. The development of the last sub-wave is expected in the near future. It can form a zigzag (A)-(B)-(C). Impulse (C) is needed to complete this zigzag. Its end is possible at 1.122.
At that level, correction IV will be 61.8% of impulse III.
Let’s look at the second option. According to this view, cycle correction IV has been completed. It is a triple zigzag.
Now we can notice the development of the initial part of the cycle wave V. This could take the form of a primary impulse.
It is assumed that the bears can re-go to the minimum of 0.953, at which a large impulse wave III was completed.
Test your strategy on how the EURUSD will fare with Orbex
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://www.orbex.com/blog/en/2023/02/eurusd-cycle-correction-nears-completion-level
- Plato Data Intelligence