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We continue to consider the main currency pair on the four-hour timeframe. Today, major economic news in the EU and the US are not expected.
EUR/USD, H4 timeframe:
According to the Elliott theory, a global corrective trend is moving in a downward direction. This trend is likely to take the form of a triple zigzag WXY-XX-Z.
On the four-hour timeframe, it shows that the decline in the current wave Y was already over, which was followed by an upswing in the wave bundle XX.
The internal structure of wave XX hints at a double zigzag [W]-[X]-[Y], where the wave bundle [X] is an inclined triangle (A)-(B)-(C)-(D)-(E). Now, a bullish action wave [Y] is under development, which can be a standard zigzag (A)-(B)-(C).
The final impulse wave (C) is needed to complete the above zigzag. It is possible that wave (C) will take the form of a finite diagonal.
The price of quotes may rise to the level of 1.1600. At this level, the size of wave XX will be 38.2% along the Fibonacci lines from wave Y.
Trading recommendations: buy from the level of 1.1312 and take profit at 1.1600.
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