EUR/USD, H4 time frame:
A new trading week begins. Now, let's see how the market situation has changed for the EUR/USD pair.
The market continues to form a large correction wave 4 at the higher wave level, which takes the form of a wave plane [A]-[B]-[C]. Currently, the last part of this wave plane, which is the sub-wave [C], is in the process of construction.
Most likely, wave [C] acquires an impulse structure. It is marked with five sub-waves (1)-(2)-(3)-(4)-(5), where the first four sub-waves are completed, and the last fifth part is almost formed.
Therefore, the sub-wave (5) is expected to develop towards the level of 1.1680 in the near future, as shown on the chart.
Today, the news on the number of open vacancies in the US labor market (JOLTS) will be published at 14:00 Universal time, which may significantly affect the downward movement in the market
Trading recommendations:
It is recommended to consider opening short positions from the current level. The take profit can be set at the level of 1.1680.
