The double zigzag within the wave [a] or [w] keeps being formed, and this wave is giving the way for an ascending zigzag of the wave (y). That said, in the short-term we can see a descending correciton to start. If a bearish impulse within the wave (а) develops, this will confirm the correction.
As we can see on the H1-chart, an impulse within the wave  of c of (y) is being developed. On Monday, the local high can be broken through, and after that the pair can move lower within the wave i of (a).
The extension within the wave [iii] is being completed at the moment. It is not improbable that in the near-term the high is broken, but after that the pair can start moving lower within the correction wave [iv] of C.
A diagonal triangle within the wave (v) of [iii] is being formed, and a zigzag within the wave v is being developed in that triangle. In the near-term, the upper edge of the pattern can be tested. If this one is rebounded from, the price can start a downside movement within the wave i.
The ascending impulse within the wave (i) has been corrected by the wave (ii). Earlier we saw a double zigzag within the wave 2. Correspondingly, the price can resume moving higher and form a yet another bullish impulse in the direction of the wave (iii).
On the H1-chart a bullish impulse within the wave  has been formed. Admittedly, the local correction (wave ) has also been completed, and this clears the way for the next impulse within the wave  to be developed.
The descending extension within the wave [iii] keeps being developed, and the 2nd wave within this wave is being completed at the moment. In the near-term, after the correction is over, the downside movement within the wave (iii) of [iii] can resume. Consequently, in the short-run the low of the wave (i) can be broken through.
A descending diagonal triangle is being developed within the wave с of (ii). If the upper edge of this pattern is rebounded from, the pair can move even lower in the direction of the wave (iii) of [iii].
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.