In the long term, EURUSD currency is expected to form a bearish corrective trend, which may 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. Then the market turned around, and a new upward movement of the currency began in the reactionary intervening wave x. Most likely, this wave takes the form of a primary zigzag, as shown in the chart.
It is assumed that 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 been fully completed. Most likely, in the next coming trading weeks, the formation of an intermediate wave (Z) may continue, taking 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).
An approximate scheme of possible future movement is shown on the chart.
We will continue to monitor EURUSD in the future.
