Wed, Feb 01, 2023 @ 05:40 GMT
HomeContributorsTechnical AnalysisEUR/USD: Long Correction Likely to Complete Near 1.122

EUR/USD: Long Correction Likely to Complete Near 1.122

In the long term, the EURUSD currency is expected to form a bearish cycle impulse consisting of five main sub-waves I-II-III-IV-V.

Most likely, the market is in a bullish correction IV. This complex correction is 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 may form a zigzag (A)-(B)-(C) near 1.122. At that level, correction IV will be at 61.8% of impulse III.

According to the alternative version, the cycle correction IV has already been fully completed and is a triple zigzag, as in the main version.

In the last section of the chart, we can notice the development of the initial part of the cycle wave V, which may take the form of a primary impulse, its possible structure is shown by trend lines.

It is assumed that the bears can re-go to the minimum of 0.953, at which a large impulse wave III was completed.

It is preferable to add this pair on our watchlist!

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