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EUR/USD, H4:
Most likely, the market continues to develop a long and deep correction 4.
This correction takes the form of a triple zigzag. It consists of the main sub-waves [W]-[X]-[Y]-[X]-[Z]. Apparently, the first three parts of this structure were completely formed, and now the price is growing in the wave of the bundle [X], which is also close to completion
The wave bundle [X] is likely to take the form of a simple zigzag (A)-(B)-(C). In the near future, the price may rise a little more in wave 5, and then, after completing the development of the impulse wave (C), turn around and start moving in the opposite direction.
Let's consider the last part of the chart on the hourly time frame.
EUR/USD, H1:
On the hourly time frame, we see the structure of an upward impulse wave (C). It is marked with five red sub-waves – 1-2-3-4-5. Recently, a major corrective wave 4 was completed in the form of a triple combination. Then the construction of the upward impulse wave 5 began.
In the near future, market participants may see a slight price rollback in sub-wave [4], after which it will be possible to observe a continuation of price growth in the final wave [5]. After wave 5 of (C) is fully completed, the market will turn around and start moving in a downward direction in wave [Z].
It is difficult to say what shape wave [Z] will take. However, we can assume that the currency pair will go below the minimum of 1.2050, which was marked by correction 4.
In the current situation, you can consider opening short positions in order to take profit at a specified level.
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