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EURUSD Weekly – October 19th, 2020

EUR/USD, Weekly chart. It remains unclear which pattern we’re going to have as a whole correction. It seems like the last decline was finished in the form of a double zigzag. On the other hand, the last upward price movement looks like an impulse. In this case, the market should continue unfolding an impulse for wave ((C)) in the coming days, so the high of wave ((A)) at 1.2548 is going to be broken soon.

EUR/USD, 12H chart. The market has been rising since wave (C) of ((B)) finished. It seems like we’re going to have an upward impulse, which is supposed to be wave (1). Considering a pullback from the channel’s lower side, the pair is likely going to continue moving up in the coming days towards the high of wave 3.

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