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Elliott Wave Analyst

EUR/USD: wave [ii] going to end

EUR/USD: wave [ii] going to end

We’ve got an ended impulse in wave [i]. The price couldn’t find a lodgement under 4/8 Murrey Math Level (P=200), so we’ve got wave [ii], which is likely going to be continued in the short term. If a pullback from 5/8 MM Level happens afterwards, there’ll be an opportunity to have a bearish impulse in wave (i).

EUR/USD: wave [ii] going to end

As we can see on the one-hour chart, wave [ii] is taking form of a double zigzag. So, it’s likely that the price is going to break the last high of wave (w). However, bears will probably try to deliver another downward impulse later on.

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