EUR/USD, H4 time frame:
Today, let's further analyze the market and consider the situation of the EUR/USD pair. To begin with, here's the four-hour (H4) time frame.
It can be seen that impulse wave 3 was already done as part of the global impulse, followed by a deep correction wave.
Judging by the internal structure, this correction will take a bearish triple zigzag form [W]-[X]-[Y]-[X]-[Z]. It is possible that the market completed the growth in the second wave of the bundle [X], and now, the downward movement has begun in the final wave [Z].
We will now consider the layout of the last section of the chart on a smaller time frame.
EUR/USD, H1 time frame:
It is assumed that the wave [Z] will have the form of a simple zigzag (A)-(B)-(C). Looking at the hourly time frame, it shows that only the first two parts of the bearish impulse wave (A) are fully completed to date.
The approximate structure of wave (A) is shown schematically in the chart. It is marked with red sub-waves 1-2-3-4-5. Therefore, we expect the development of sub-waves 3-4-5 in the near future.
The price of the EUR/USD pair may decline to the level of 1.1879, namely to the low, which was marked by the wave bundle (X).After reaching this level, the price will begin to adjust in the wave (B).
Currently, opening sell deals can be considered in order to take profit at the end of the impulse wave (A).
