There is no important economic news scheduled for today either in the US or in the eurozone.
EURUSD H4:
For the EURUSD currency pair on a four-hour timeframe, we see the construction of a corrective trend, which can take the form of a triple zigzag W-X-Y-XX-Z.
The downward wave Y is under development. Most likely, it will be a simple zigzag [A]-[B]-[C]. Over the past four months, we have seen a decline in the framework of wave [C], which takes the form of a five-wave pulse (1)-(2)-(3)-(4)-(5). The wave (1) in the form of an impulse was completed, as well as the bullish correction (2) in the form of a simple zigzag. At the moment we are in momentum (3), as part of which the corrective sub-wave 4 was recently completed.
After the completion of the zigzag correction wave 4, we saw a downward movement of the market in sub-wave 5. It can take the form of an impulse. Its end is expected around the level of 1.1111. At this level, the magnitude of wave 5 will be 61.8% of pulse 3.
Thus, a decrease to the specified price level is expected in the near future, so we can consider opening short positions.
Trading recommendations: sell 1.1274, take profit 1.1111.
