EUR/USD: The bullish correction is close to completion

In the long term, EURUSD 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 a bullish 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. It may form a double zigzag pattern W-X-Y near 1.0204. At that level, wave will be at 123.6% of first actionary wave.

According to the alternative, the cycle correction IV has been fully 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.

At the specified impulse, the first four parts look finished, and the last sub-wave ⑤ is under development.

In the near future, the currency is expected to decline to 0.948. At that level, cycle wave V will be at 38.2% of wave III.

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