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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 Ⓒ.
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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