28.08.201913:30 Forex Analysis & Reviews: Third wave in EUR/USD to begin anytime soon

Wave C likely finished as an ending diagonal pattern, that's why there's an upward impulse, which supposed to be wave (i). In this case, the following decline is wave (ii), so there's an opportunity to have a third-wave rally. As you can see, there's a smaller upward impulse, which is probably the first wave of wave (iii). If so, we're about to have wave iii of (iii) in the coming hours. The main critical level for this scenario is the low of wave (ii) at 1.1051. If the price goes through this level, the bullish scenario will be at risk.

If the third wave of wave (iii) is underway, the pair should break the high of wave i at 1.1165 in the short term, which brings more evidence for the bullish outlook. The main target for ongoing wave (iii) is the 1.618 multiple of wave (i) at 1.1411, which could be a departure point for a downward correction. If this level turns out to be broken, there'll be a green light for even more aggressive bullish rally.

The bottom line is that there's a significant bullish opportunity in EUR/USD. The second wave of wave (iii) is almost over, so a third-wave rally is going to begin anytime soon.