In the long term, the EURUSD currency seems to be forming a bearish cycle impulse, which consists of five main sub-waves I-II-III-IV-V.
Most likely, the cycle impulse sub-wave III was fully completed, after which the formation of the horizontal correction IV began. This correction is similar to a double zigzag consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ.
The primary sub-waves Ⓦ and Ⓧ look complete. The development of the last sub-wave is expected in the near future. Its end is expected at 1.0282. At that level, wave Ⓨ will be at 123.6% of first actionary wave Ⓨ.
According to the alternative, the cycle correction IV has been completed and it is a standard zigzag Ⓐ-Ⓑ-Ⓒ.
In the last section of the chart, we can notice the development of the last leg of the cycle wave V, which takes the form of a primary impulse ①-②-③-④-⑤.
The last fifth of this impulse, that is, the sub-wave ⑤, most likely takes the form of an ending diagonal. We see that the correction sub-wave (4) has gone above the end of the correction sub-wave (1).
In the near future, the market is expected to decline in the sub-wave (5) to 0.948. At that level, the entire cycle wave V will be at 38.2% of wave III.
