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EUR/USD, H4 time frame:
The long and deep correction continues to develop.
This correction takes the form of a triple zigzag, which consists of the main sub-waves [W]-[X]-[Y]-[X]-[Z]. Apparently, the second wave of the bundle [X] is already completed. It took the form of a simple zigzag, consisting of three simple sub-waves (A)-(B)-(C), where (A) and (C) are impulses, and (B) is a zigzag correction.
Therefore, the price may start moving downwards within the current wave [Z] soon.
Now, let's consider the last section of the chart on the hourly time frame.
EUR/USD, H1 time frame:
We should focus on the last fifth wave of the bullish impulse wave (C), that is, wave 5.
Wave 5 is similar to an impulse, which is fully equipped with sub-waves [1]-[2]-[3]-[4]-[5]. Its correction sub-wave [4] is the wave plane (A)-(B)-(C), where (A) and (B) are zigzags, and the wave (C) is an impulse.
Based on this, we can assume that the market is currently in a reversal stage, and the price will begin to decline soon. It is very possible that wave [Z] will have the form of a simple zigzag (A)-(B)-(C), as shown in the graph.
The end of the first impulsive wave (A) is possible at the level of the previous low formed by the corrective wave 4, that is, in the area of 1.2050.
Currently, one can consider opening sell deals with a profit at a minimum.
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