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Currency Analyst since 2010

EUR/USD: Elliot wave analysis

Monthly. The pair may have finished forming the wave B of the rising Zigzag А-В-С. Wave B is in the form of the Triple Three [w]-[x]-[y]-[x]-[z].  EUR/USD currently keeps forming wave [2] of C. Let’s analyze the wave’s structure in detail.

Chart. Montly EUR/GBP

Daily. The pair keeps forming downside impulse in the wave (с) of [2].

Chart. Daily EUR/GBP

H4. We are now witnessing the formation of the wave IV. When it’s formed, there will be final wave V of the downside impulse. Wave III is 200% of the wave I and in such cases wave V usually equals wave I. this means that the decline may finish close to the end of the wave III.

Chart. H4 EUR/GBP

By Roman Petuchov for FBS Markets Inc

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