EUR/USD, H1 time frame:
Let's continue to analyze the situation of the EUR/USD pair.
The EUR/USD pair formed a long corrective wave 4 in the long term, which has a horizontal internal structure and took the form of a wave plane [A]-[B]-[C]. It seems that this correction was fully done more than a week ago.
Looking at the last section of the chart, it can be seen that the price has reversed and started to increase. It is possible that a bullish impulse wave is formed, in which the first two small sub-waves (1)-(2) have already been built. The sub-wave (1) is an impulse, and the sub-wave (2) is a zigzag correction. In the near future, the price growth will continue within wave (3) above the level of 1.1909, which was marked by the correction (4).
Today, important news will be released in the US at 14:00 Universal time: the index of pending sales in the US real estate market (m/m), which may affect the acceleration of EUR/USD growth.
Trading recommendations:
Since an upward wave (3) is expected to develop in the near future, one should consider opening buy deals from the current level in order to take profit at the previous high, namely the level of 1.1909.
