EUR/USD: weekly wave analysis
Weekly. The pair keeps forming the end of the converging horizontal triangle which has been forming for 6 years. At the moment EUR/USD is building a downward Zigzag [E].
Daily. The layout of the Zigzag [E] is shown at the chart. The most important task at the moment is to determine the end point of the impulse (C).
H4. The wave 4 took form of an upward Zigzag. Most likely, the building of the downward momentum 5 has already started. This week we expect the pair to decline and renew the previous low, as indicated at the chart. The alternative scenario is the continuation of wave 4 in the horizontal form.