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EUR/USD, H4 time frame:
Let's continue to analyze the situation of the EUR/USD pair.
Looking at the four-hour timeframe, it can be seen that the price started to move in an upward direction after the completion of the horizontal correction wave 4 in the form of a wave plane.
Now, we are in a bullish wave, taking an impulse structure.
It is assumed that the formation of the correction wave (2) has ended. Its value is about 61.8% along the Fibonacci lines of the impulse wave (1). This is a common coefficient in impulses. Therefore, an impulse price growth is expected in the near future in wave (3) above the level of 1.1911, which was noted by wave (1).
To make trading decisions, it is necessary to consider economic news that can affect the market. News is expected to be released in the United States – crude oil reserves of the Energy Information Agency (EIA) at 14:30 Universal time today. The level of material reserves affects the price of petroleum products, which eventually influences inflation and other economic forces. With the release of this publication, it is possible that the currency pair will further rise.
Trading recommendations:
Opening long positions can be considered to take profit at the level of 1.1911.
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