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EURUSD, H4:
We continue to analyze the EURUSD currency pair within the framework of the 4-hour timeframe. A triple zigzag is formed at the senior wave level, where the middle part, the downward active wave Y, is in development.
Wave Y most likely takes the form of a simple zigzag, which consists of three main subwaves [A]-[B]-[C]. Since September of this year, we have been seeing a decline in the price within the impulse wave [C]. Wave [C] is currently only half built – in its composition, we see the formed subwaves (1)-(2) and the first three parts of the bearish impulse (3).
At a smaller wave level, we can see the internal structure of corrective wave 4. This correction is similar to the double zigzag [W]-[X]-[Y], which requires the final part – subwave [Y].
Judging by the internal structure, wave [Y] acquires the shape of a double zigzag (W)-(X)-(Y). It is assumed that the price will soon rise to the level of 1.1385, marked by wave [W], where a small subwave (Y) will be completed, and with it the entire correction 4.
In the current situation, it is possible to consider opening buy deals.
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