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eurusd elliott

The EURUSD structure hints at a bearish Ⓐ-Ⓑ-Ⓒ zigzag of the primary degree.

Wave Ⓐ formed a 5-wave impulse pattern, whereas wave Ⓑ formed a simple (A)-(B)-(C) zigzag.

We now expect the market to move down in impulse wave Ⓒ.

The anticipated decline could reach the 1.064 area. This is the previous swing low registered by wave Ⓐ.eurusd

An alternative scenario points at a 5-wave ①-②-③-④-⑤ impulse of the primary degree. With waves ① and ② fully complete, wave (5) of ③ is currently under development.

We expect the alternative scenario to push the market higher as part of wave (5). Near 1.166, the price will reach the 161.8% of wave (3).

Following a rejection at the said level, we anticipate a corrective move in wave ④. This is then expected to be followed by the final actionary wave ⑤, above 1.180.

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