EURUSD, H4:
The market is assumed to be at the beginning of a major upward trend. Presumably, the formation of corrective wave 4 was completed, which took the form of a simple wave plane [A]-[B]-[C]. Wave [C] of this plane is a bearish impulse consisting of waves (1)-(2)-(3)-(4)-(5).
After the completion of the development of the last part of the impulse wave [C], that is, the bearish impulse (5), we saw the market reversal and the beginning of a new bullish wave. Within this bullish wave, waves 1-2 and waves [1]-[2] of a lower wave level were built.
Likely, the market will soon rise in a new bullish impulse of a smaller wave level to the target area of 1.1908 and above, which is formed by sub-waves [1]-[2]-[3]-[4]-[5]. Thus, in the current situation, it is possible to open long positions from the current level with the target at 1.1908.
The US CB consumer confidence index is set to be released at 14:00 UTC today. The second news, which will be released at the same time, is the sale of new housing in the United States, which will help analyze the economy of the country as a whole.
Trading solutions: Buy from the current level. Take profit at 1.1908.
