EUR/USD: wave i going to begin

There’s a possible ending of wave [x] in a form of a zigzag. So, it’s likely that bears are going to deliver wave [y] of D soon. However, a confirmation is required, so we should wait until the price finds a lodgement under 5/8 Murrey Math Level (P=200). If so, the next intraday target will be 1/8 MM Level.

As we can see on the one-hour chart, bulls haven’t broken 7/8 MM Level, which points to a possible ending of the current upward impulse in wave (c) of [x]. Therefore, it’s likely to have a bearish wave i, which is going to reach 4/8 MM Level.