FX.co ★ mdouglas | Wave Wisdom: Mastering the Art of Wave Marking in Forex!

Regarding EURUSD, the situation is similar to the pound, with a slight difference in the highest wave. It is possible that a triple zigzag ABC is forming, where wave C is part of a larger corrective structure. However, there is also a possibility that wave 3 of C is forming a leading diagonal, with corrections occurring in threes. Both scenarios could lead to a bullish move in the pair until we see a clear breakout in wave 5 of 1 of 3 of C. If the pair continues to rise and breaks above the previous high, then all three scenarios will be invalidated, and we may need to reconsider the bearish outlook. However, if we break below 1.0850, that would confirm the end of the correction and signal further downside potential.