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EUR/USD, H4:
The Euro-Dollar currency pair continues to form a large correctional wave 4 in the form of a zigzag, the construction of which we have been observing since January this year.
During this period, that is, from January to April, the market formed a bearish impulse wave [A] and a zigzag bullish correction [B], and also completed the first four parts of the second impulse wave [C].
Most likely, the pair is already close to the end of the entire correctional wave, which is expected near the level of 1.1680. Let's consider the layout of the last section of the chart on the hourly time frame.
EUR/USD, H1:
Here we see that the price was moving in a powerful impulse wave 3 for the entire second half of last month. It was followed by the development of an upward corrective wave 4.
Correction 4 may take the form of a standard zigzag [A]-[B]-[C]. Judging by the internal structure of wave 4, the first two parts are formed, and the last wave [C], which, according to Elliott's rules, can have the structure of either an impulse or a final diagonal, is in the process of development.
It is assumed that the price will not go above 1.8000. After this price level, the market will reverse and begin to decline, as shown in the chart. At this mark, the magnitude of wave 4 will be 38.1% along the Fibonacci lines of impulse 3, which is often found in impulses.
In the current situation, it is recommended to consider opening long positions.
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