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03.08.202114:13 Forex Analysis & Reviews: Wave analysis for EUR/USD on August 3

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EUR / USD, H1 chart:

There is a bearish impulse in EUR/USD, which consists of sub-waves (1) - (2) - (3) - (4) - (5). The last wave has a diagonal pattern because it represents a correction, not to mention wave 4 has gone beyond the end of wave 1.

And about a week ago, the pair started to move upwards, showing a structure that resembles an impulse. This suggests that a bullish wave is developing, and it will most likely have five parts. But so far only two have taken shape and they are classified as sub-waves [1] and [2].

If the pair rises to 1.1975 in the coming days, sub-wave (3) will be formed. Thus, it is best to trade long positions, otherwise, there may be huge losses.

Good luck!

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