The Consumer Confidence Index, which is important data, is expected to be released at 15:00 Universal time today. This reflects the level of consumer confidence in economic activity.
EUR/USD, H4 timeframe:
A corrective trend is most likely forming for the EUR/USD pair, which may take the form of a triple zigzag WXY-XX-Z.
Let's take a look at the internal structure of the acting wave Y, which is currently being formed. It is possible that the bearish wave Y is taking the form of a standard zigzag [A]-[B]-[C]. The first two parts of this zigzag seem to have fully completed their patterns – sub-wave [A] is an impulse, while sub-wave [B] is a simple correction.
The final wave [C] is in the development stage, which can take the form of an impulse (1)-(2)-(3)-(4)-(5). The first half of this impulse has already been built, therefore, the development of the second half can be expected in the medium term. An approximate scheme of possible future movement is shown on the graph.
Now, let's talk about the short-term outlook: the market is in the final part of corrective wave 4, which takes the form of a zigzag [A]-[B]-[C]. It is possible that the last part of the final diagonal [C] is being formed now. It is expected to end at the level of 1.1385, which was marked by the impulse wave [A].
Currently, one can consider opening buy deals in order to take profit at the specified level.
