Today, we will consider the situation on two timeframes: four-hour and one-hour.
EUR/USD, H4 :
The internal structure of corrective wave 4 is presented on the four-hour timeframe of the EUR/USD currency pair. It has a horizontal shape and is the wave plane [A]-[B]-[C]. It seems that the construction of this figure has completely come to an end, and now we see an upward movement of the market.
Most likely, the formation of a bullish wave has begun, which can take the form of an impulse. Let's take a closer look at the last section of the graph.
EUR/USD, H1:
On the hourly timeframe, we see that a new upward trend is acquiring an impulse form. Sub-waves (1) and (2), impulse and zigzag, as well as sub-waves 1 and 2, which is the beginning of impulse (3), have been completed. Most likely, the price will soon creep up in a more powerful sub-wave 3. Its final is expected in the area of the previous maximum - 1.1909. Then, a slight correction is expected in wave 4, after which the rally will resume in wave 5, as shown in the chart.
Also, at 14:00 UTC today, two important news will be released, which may affect the acceleration of price growth. The news on US crude oil inventories and the US Manufacturing PMI from ISM.
Thus, in the current situation, an increase in the rate should be expected, which means that opening deals for purchases can be considered.
