EURUSD Weekly – November 16th, 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, one way or another, the market should continue unfolding an impulse for wave ((C)) in the coming days.

EUR/USD, 12H chart. It seems like wave 4 might take the form of a double zigzag. If correct, a fifth-wave advance should move on in the short term.

Considering an alternative option (see below), we should wait for a clear three-wave decline for wave ((ii)) as confirmation for the bullish outlook.

! Bearish Alternative Scenario !

We should keep in mind, that’s also possible that wave (1) has been already in place. Thus, wave (2) could be underway, so wave X might have just finished as a flat pattern. However, only a break of 1.1601 will confirm this scenario.

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