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 C. Let’s analyze the wave’s structure in detail.

Chart. Monthly EUR/USD

Daily. As expected, the pair has finished forming the impulse in the wave (I) and we saw a descending corrective wave (II).

Chart. Daily EUR/USD

H4. Impulse decline in the wave (II) allows us to expect this wave to take the form of a Zigzag. The wave a of this Zigzag is already formed, so in the near term there will be corrective growth in the wave b.  

Chart. H4 EUR/USD

By Roman Petuchov for FBS

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