EUR/USD, H4 time frame:
Let's continue to analyze the situation of the EUR/USD pair.
A large impulse wave is being constructed for the EUR/USD pair in the long term, in which corrective wave 4 was recently built. Looking at the four-hour timeframe, it shows that corrective wave 4 has acquired the form of a wave plane and looks fully equipped with sub-waves [A]-[B]-[C].
If our assumption is correct, then the price will gain impulse and rise in the near future, forming the initial part of the fifth wave. Now, let's consider the marking of the last section of the chart on the hourly time frame.
EUR/USD, H1 time frame:
It can be seen that the correction wave 4 at the higher wave level was completed by a bearish impulse wave [C], which consists of five main sub-waves (1)-(2)-(3)-(4)-(5). After that, the price reversed and began to move in an upward direction.
At a smaller wave level, the last section of the chart is considered, on which the initial part of a new bullish impulse is built. Apparently, the five-wave impulse (1), consisting of sub-waves 1-2-3-4-5, has been completed, and a small bearish correction (2) has been built. Thus, the price may continue to grow in the near future, and we will see the development of the impulse (3).
The nearest target is at the level of 1.1806, where the development of the small correction 4 is already done.
Trading recommendations:
Based on the above, the currency pair is expected to grow in the near future. In this case, it is possible to consider opening buy deals with the aim of taking at the level of 1.1806.
