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EUR/USD, H4:
Today we will analyze the situation with the EUR/USD currency pair.
The market continues to move within the big triple zigzag [W]-[X]-[Y]-[X]-[Z]. The first three sub-waves of this triple zigzag are completed. After the end of the bearish zigzag in wave [Y], we saw a rise in price in the second wave of the bundle [X].
It is possible that the final part of wave [X] is being formed at the moment. Its completion is expected near the 1.2038 price level. At this level, the value of wave [X] will be 61.8% along the Fibonacci lines from the bearish wave [Y].
Let's consider the structure of wave [X] on the hourly time frame.
EUR/USD, H1:
Wave bundle [X] takes the form of a double zigzag (W)-(X)-(Y).
During the first half of this month, the market has fully completed the construction of sub-waves (W) and (X). The sub-wave (W) has a complex W-X-Y-XX-Z triple zigzag formation. The wave bundle (X) is a standard A-B-C zigzag. The market also completed the development of an upward impulse wave A, which is part of the final active wave (Y). In the near future, a slight pullback is possible in the corrective wave B, after which the price will continue to grow in the impulse wave C towards the level of 1.2038.
In this situation, it is recommended to consider opening buy deals from the current level in order to take profit at the end of wave [X].
The next review for the EUR/USD pair will be published on April 19.
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