EURUSD Monthly Wave Analysis for September, 2012 - Forex Analysis for September, 2012
EUR/USD
Euro was adopted in 1999, and all synthetic data prior to that year presented by different providers may differ significantly. That’s why the chart of the EUR/USD currency pair looks like a mirror image of that of Swiss Franc. Taking this into account, we may assume that currently the pair is forming a large ascending double zigzag, [W]-[X]-[Y] of Z.
We can’t exclude a possibility that the price may have already finished triple zigzag, W-X-Y-X-Z of (Z) of [X], and the major correction [X] in the form of triple three, although it’s not confirmed yet. If it’s true, we can expect the pair to continue forming an ascending wave [Y] in the form of a large (double) zigzag.
One of the possible scenarios can be seen on the figure below. We may assume that the price has completed (or is completing) a descending triple zigzag, W-X-Y-X-Z of (Z) of [X], and a new ascending trend has started with wedge pattern (i). Of the assumption is correct, it’s quite logical to expect the pair to continue moving upwards inside wave [Y].
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