Important news for today:
Today is filled with economic news. In addition to today's vote on US Federal Reserve interest rates, the base index and the volume of retail sales in America will be published at 13:30 Universal time. Perhaps, this news will accelerate the end of the bullish correction and an impulse decline will begin.
EUR/USD, H4 timeframe:
The formation of a downward correction figure continues, which takes the form of a triple zigzag W-X-Y-XX-Z. Meanwhile, the middle part - the sub-wave Y is still under development. In the composition of wave Y, three main sub-waves can be noticed – [A]-[B]-[C].
Wave [A] is a bearish impulse. Looking at the chart, the last part of this impulse can only be seen. Wave [B] is a simple correction, while wave [C] is still in the process of development. However, it is assumed that it will represent the impulse (1)-(2)-(3)-(4)-(5), as shown on the chart.
Let's pay attention to the impulse wave (3), which is currently being built, or rather its fourth part, which is correction 4. This correction seems to take the form of a double zigzag [W]-[X]-[Y]. The sub-waves [W]-[X] have already been completed, and the last sub-wave [Y] may end near the level of 1.1381 marked by the current sub-wave [W].
In such a situation, one can consider opening long positions.
Trading recommendations:
It is recommended to buy from the current level, while take profit can be considered at 1.1383.
