Three major news are expected from the U.S. today:
13:30 UTC - Durable Goods Orders Report; and
Initial unemployment claims
15:00 UTC - New Home Sales Report
EURUSD, H4:
The EURUSD pair assumes the construction of a bearish trend, which may take the form of a triple zigzag W-X-Y-XX-Z.
The downward wave Y is currently under development. Most likely, it will be a simple zigzag [A]-[B]-[C]. Over the past few months, we have seen a decline within wave [C], which is acquiring the form of a five-wave impulse (1)-(2)-(3)-(4)-(5). Wave (1) was completed in the form of an impulse, and wave (2) in a bullish correction in the form of a simple zigzag. At the moment we are in impulse (3), in which correction 4 is coming to an end. Perhaps it will take the form of a double zigzag and will soon be fully completed.
After the completion of the zigzag corrective wave 4, approximately around the level of 1.1415, the market is expected to move downward in the subwave 5. It may take the form of an impulse. Its end is possible near the level of 1.1151. At this level, the magnitude of wave 5 will be 61.8% of impulse 3.
Thus, in the near future, a decline to the indicated price level is expected, therefore, opening of short positions can be considered.
