The EUR/USD pair keeps forming a double zigzag within the wave [a] or [w] which is giving the space for a zigzag in the wave (y). Some time later a descending correction can start. This is confirmed when a bearish impulse within the wave (а) occurs.
On the H1-chart a bullish impulse within the wave  is being formed. A 5th wave can occur within the above wave. A new local high can be hit, and afterwards a descending movement can start within the wave i of (a).
It seems that the extension within the wave [iii] is coming to an end. In the short run, a new local high can be hit, but afterwards the pair can move downwards within the correction wave [iv] of C.
It is not improbable that a diagonal triangle is forming within the wave (v) of [iii]. The said triangle is forming a zigzag within the wave v. If afterwards the upper edge of this pattern is rebounded from, a descending move within the wave i can occur.
It seems that the wave (ii) has already been completed and this suggests a further rise of the pair. Earlier an ascending impulse within the wave (i) was formed. Consequently, the price can rise further and form a yet another bullish impulse in the direction of the wave (iii).
On the H1-chart, a correction wave  is being completed now, and this clears the way for another impulse within the wave . It is confirmed when another ascending impulse is formed.
A descending extension within the wave [iii] is being completed now, and the 2nd wave is being completed in it. In the near-term, after the correction is over, a descending move within the wave (iii) of [iii] can continue. Consequently, in the short run a new low within the wave (i) can occur.
Admittedly, a triangle has been formed within the wave b of (ii). In the course of the day, a bullish impulse within the wave с can be completed while the pair can resume falling 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.