EUR/USD, H4:
Today, all traders pay special attention to the stock market of the Eurozone and the United States. At 12:30 UTC, the most important news will be published - the core consumer price index, which reflects changes in the price of goods and services.
According to the Elliott wave theory, the EUR/USD currency pair is in the initial part of a bullish wave, which takes the form of an impulse. It is assumed that impulse (1) and correction (2) have fully completed their pattern, which gives a hint of price growth in the next more powerful wave (3).
It is assumed that with the release of CPI data, the market will rapidly start moving up above the high of 1.1911.
It is possible to consider opening buy deals in the current situation in order to take profit at the specified level.
We continue to follow the news and open profitable deals.
