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Based on the economic calendar, there will be two important publications today, which may affect the movement of the market. US Core CPI will be released at 13:30 Universal time, followed by a report on data on crude oil inventories in the United States at 15:00 Universal time.
EUR/USD, H4 timeframe:
It is assumed that the development of a large triple zigzag will continue, which will consist of WXY-XX-Z sub-waves.
Earlier, we are in the middle part of this corrective pattern, that is, in the sub-wave Y. It is highly possible that wave Y will take the form of a simple zigzag [A]-[B]-[C]. The current chart shows the final part of the bearish impulse wave [A] and the upward corrective wave [B]. The initial part of the last wave [C], which can take the form of a five-wave pulse (1)-(2)-(3)-(4)-(5), can also be observed in the graph.
At the moment, we are in impulse (3), particularly in its final sub-wave 5. Perhaps, wave 5 will represent an impulse, and end at the level of 1.1106.
In this case, a downward movement is expected in the short term, and today's news is likely to strengthen the bears, so it is worth considering opening sell trades in order to take profits at this level.
An approximate outline of possible future movement is shown on the graph.
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