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eurusd elliott

The current EURUSD formation hints to a simple bearish zigzag pattern, consisting of primary sub-waves Ⓐ-Ⓑ-Ⓒ.

The primary impulse wave Ⓐ is fully complete at the time of writing. The corrective wave Ⓑ also looks just about done.

We are now seeing the formation of the final minor impulse wave 5.

We could see the pair appreciate to complete this wave 5 near 1.144. At that level, it will be at the 38.2% extension of wave 3.

Then, we could see a decline in primary impulse Ⓒ below the previous low of 1.063.

eurusd

An alternative scenario suggests a bullish zigzag continuation consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ.

The primary wave Ⓦ consists of three intermediate sub-waves (A)-(B)-(C).

According to this structure, the bullish impulse (C) could complete near 1.161. At that level, wave (C) will be at the 161.8% extension of wave (A).

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