EUR/USD: weekly wave analysis
Author: Roman Petukhov
Weekly. The market continues building the final part of a convergent horizontal triangle, forming a downward zigzag [E]. Let’s take a thorough look at its layout.
Daily. We can see the layout of the zigzag [E]. The final downward impulse [v] of 5 of (C) of [E] is formed currently. When it is completed, the trend would unfold.
H4. It’s most likely that this week we will see the formation of a small horizontal correction (iv), after the end of which the decline will continue for another 30-50 points in the wave (v). The trend will unfold after that and will begin an upward correction or impulse reduction. Thus, it’s recommended to trade cautiously in the turning point.