Hello, dear traders! We continue to analyze the situation in the forex market using the Elliott Wave theory. The macroeconomic calendar is full of events both in the eurozone and the United States. The main ones are US Q3 GDP and the ECB's press conference set to take place after the interest rate decision announcement.
EUR/USD, H4:
From the point of view of wave analysis of EUR/USD, a large impulsive wave is currently forming. As part of this impulsive wave, the second part of corrective wave 4 has been developing for the last six months. Wave 4 has a structure of a flat, labeled [A]-[B]-[C].
It can be assumed that a correction has ended and a new bullish wave has started to form. Perhaps it will have an impulsive wave structure 1-2-3-4-5. At the same time, we can suggest that the two first sub-waves in the structure have been completed. Therefore, in the upcoming days, the price is likely to rise to wave 3.
Bulls' target is seen at the high of 1.1910, touched by corrective wave 4.
Against this backdrop, long positions could be opened in order to lock in profit at this level.
