EURUSD Bearish Trend Could End At 1.0880


The current EURUSD formation suggests the construction of a cycle double zigzag that consists of sub-waves w-x-y.

On the 1H timeframe, we can see the final part of the bearish intervening wave x of the cycle degree. This takes the form of a double (W)-(X)-(Y) zigzag of the intermediate degree.

At the time of writing, the final actionary wave Ⓨ is under construction. This is also similar to a double (W)-(X)-(Y) zigzag of the intermediate degree.

It seems that at the moment the market is close to the completion of the minor intervening wave x. This can take the form of a simple minute zigzag.

Soon, after the full end of wave x, the currency pair could begin to decrease and move in a downward direction in wave Z to 1.088. At that level, wave Z will be at 100% of wave Y.


The alternative scenario assumes that the large intervening wave x is already fully completed.

The last wave Ⓨ looks like a harmonious double zigzag (W)-(X)-(Y) of the intermediate degree marked with blue sub-waves.

Thus, in the last section of the chart, we can see the initial part of the actionary wave y of the cycle degree. Perhaps it will have the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ, as shown on the chart.

The first actionary wave Ⓦ is likely to rise in a zigzag shape to the previous maximum of 1.169. This will be on the same level as the minor intervening wave X.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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