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EUR/USD, H4 time frame:
Let's consider the situation of the EUR/USD pair using the Elliott theory. There will be important economic news today at 12:00 and 12:30 Universal time, which may affect the market.
It is assumed that a bullish impulse is forming for this instrument, in which the fourth wave was built – correction 4 in the form of a wave plane [A]-[B]-[C].
In the last part of the four-hour timeframe, the price growth and the development of a new bullish wave can be observed. This wave can take the form of a simple five-wave impulse. At the moment, its first two sub-waves (1) and (2) are completely done. The value of wave (2) was about 61.8% along the Fibonacci lines from wave (1). This is a common factor in impulses.
Consequently, sub-wave (3) is expected to develop in the near future, and, accordingly, prices will increase.
It is assumed that the pair will update the previous high of 1.1911 soon, which was marked by sub-waves (1) and (4).
Today, Lagarde will give a speech at 12:00 UTC+00. The ECB President sets short-term interest rates and has a decisive influence on the euro. At 12:30 Universal time, one of the most important news will be released – the number of initial applications for unemployment benefits in the US. This economic news can influence the market noticeably.
Therefore, it is recommended to consider opening long positions.
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