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01.12.202119:02 Forex Analysis & Reviews: Wave analysis of EUR/USD for December 1, 2021

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EURUSD, H4:

The development of a large impulse continues for the EUR/USD currency pair, as in the previous trading weeks. Within which the corrective wave 4 is coming to an end. We see the second half of this correction on the four-hour timeframe.

The final wave of correction 4, that is, wave [C], takes the form of a five-wave impulse (1)-(2)-(3)-(4)-(5). Subwave (5) is currently under development. It included subwaves 1-2-3-4. Thus, in the near future, the price is expected to decline within wave 5.

Wave 5 may end near the 1.1140 level. The value of wave 5, at this level, will be 50% of wave 3. The probability of reaching the specified ratio is high. In the current situation, we can consider opening sell deals.

Trading recommendations: sell from the current level, take profit 1.1140.

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