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EUR/USD, H4 timeframe:
Let's continue to analyze the EUR/USD pairs situation by using the Elliott theory.
The development of the final section of the global correction wave 4 continues. In its composition, the final wave [C] is now being built, which takes the form of an impulse (1)-(2)-(3)-(4)-(5). At the current time, two impulse sub-waves (1) and (3), as well as correction sub-waves (2) and (4) have been completed.
A sub-wave (5) in the form of a 1-2-3-4-5 impulse is currently under development, where the last fifth part is similar to the final diagonal [1]-[2]-[3]-[4]-[5]. It is possible that the price has completed the formation of a descending sub-wave [3], therefore, growth in correction [4] is expected in the near future in the direction of the level of 1.1520. An approximate scheme of possible future movement is indicated on the graph.
Since there is a possibility of a bullish movement, it is worth considering opening purchase transactions from the current level in order to take profit at the level of 1.1520.
Trading recommendations:
It is recommended to buy from the current price level and take profit at 1.1520.
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