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12.02.2024 11:02 AM
In the medium-term perspective, the EUR/USD pair is forming an extended correction (B), taking the form of a double zigzag W-X-Y. Sub-waves W and X are already fully completed, while the final active wave Y is still developing.
The active wave Y has a complex form of a double zigzag [W]-[X]-[Y]. The first active wave [W] is completed in the form of a double zigzag (W)-(X)-(Y). The second corrective connecting wave (X) is still ongoing. It also has a complex form of a double zigzag (W)-(X)-(Y).
The currently forming active wave (Y) consists of three sub-waves—W-X-Y—two of which are already constructed. Soon, we may observe the development of the active wave Y. For its full completion, an impulse sub-wave [C] is required, marked in green.
There is a high probability that the price will decline to the previous low of 1.0718. Then, the market is expected to reverse. As of now, the market is anticipated to move according to the plan without sharp changes.
Trading recommendations: Sell at 1.0782, take profit at 1.0718.
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