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Hello. We continue to analyze the EUR/USD pair using Elliott wave theory.
EURUSD H4:
According to Elliott wave theory, the EUR/USD pair continues to form an upward impulse wave. It is assumed that the market has completed the ascending wave formation (1). Besides, it is likely the end of the descending correction (2), which is double zigzag W-X-Y.
Consequently, in the coming trading days the market is expected to rise within a larger impulse wave (3). The first target for closing trades is at the previous high of 1.1911, which was marked by the sub-wave (1) and correctional wave (4), which is a part of the horizontal correction 4. After reaching the specified price level, the market may keep expanding.
If trades are opened from the current level and take profit is set at 1.1911, it is possible to gain 228 pips.
Good luck!
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