The pair has moved bullishly since March 2009, and succeeded in placing a temporarily high on the November 21, 2009.
There is a possibility that the pair is forming an IM wave despite the confliction among analysts, as some see that it’s a ZZ wave.
We are now about to explain the IM scenario which is accepted as far as 0.6570 areas remain intact.
The above chart makes us believe that the wave that has been formed in 2009 is an IM. We see how the suggested third wave was in progress with mild and short corrective actions which was seen as the third wave, where the second itself corrected to 23.6% Fibonacci level, followed by sharp inclines.
It was very hard to define the internal formation of the above wave on the daily chart. That's why we started to study the four-hour interval as seen on the image below.
