EUR/USD: wave [ii] taking form of zigzag

EUR/USD: wave [ii] taking form of zigzag

2019-11-11 • Updated

Image20171121072954001.png

There's a pullback from 6/8 MM Level, so wave [i] might have been formed. Therefore, the price is declining in wave [ii]. The main intraday target is 3/8 MM Level, which could be a departure point for wave [iii].

Image20171121072954002.png

As we can see on the one-hour chart, wave [ii] is taking the form of a zigzag, so wave (c) is likely going to move on towards 3/8 MM Level. In this case, we could have a new local low during the day.

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