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15.10.202109:40 Forex Analysis & Reviews: Wave analysis for EUR/USD on October 15, 2021

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EUR/USD, H4 timeframe:

Let's continue to analyze the situation of the EUR/USD pair through Elliott's theory.

The current formation of the EUR/USD pair shows the internal structure of the second half of the major correction 4. This wave is the wave plane [A]-[B]-[C], which seems to be completely done.

It should be noted that wave 4 is part of a major upward impulse, and so, it can be assumed that the price may rise in the final fifth leg of this impulse in the near future. Usually, the fifth waves in the impulses are either impulses of a smaller wave level, or finite diagonals. It is still difficult to say exactly what form the new sub-wave will take.

Perhaps, the price will move to the high of 1.1908, which was marked by the correction (4). There will be news today at 12:30 Universal time, which will reveal the volume of retail sales and the underlying index of retail sales in the United States. This may affect the upward movement of the pair.

Currently, it is recommended to consider opening buy deals. Here, take profit can be set at the level of 1.1908.

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