EUR/USD, H4:
Today we will look at how the situation has changed for the EUR/USD currency pair, and build a forecast for the coming days.
So, the pair continues to form a deep corrective wave 4, which is part of the global upward impulse. Wave 4 takes the shape of a triple zigzag [W]-[X]-[Y]-[X]-[Z]. We are currently in the second wave of the [X], which is likely to take the form of a double zigzag (W)-(X)-(Y).
The completion of the entire wave [X] is expected in the area of level 1.2038, where its value will be 61.8% along the Fibonacci lines of the current wave [Y].
Let's consider the marking of the last section of the chart on an 8-hour time frame.
EUR/USD, H1:
On the last part of the chart, you can take a closer look at the structure of the initial part of the upward wave of the bundle [X].
Apparently, the market has completed the construction of the first part of the double zigzag, that is, the upward wave (W) has come to an end, which has taken the form of a triple zigzag W-X-Y-X-Z.
We then saw impulse A and a retracement B to that impulse, which are part of the bundle wave (X). In the near future, the end of the downward price movement in wave (X) is expected, after which we could see the development of an upward zigzag (A)-(B)-(C), as shown in the chart.
The completion of the entire zigzag structure awaits us at the level of 1.2038. In this situation, it is recommended to consider opening long positions from the current level to take profit at the specified level.
