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The situation has not changed significantly over the past day. A slight decrease to the level of 1.0957 was noted, which likely occurred within the corrective part of the bullish impulse subwave [5].
The entire impulse subwave [5] may end at the level of 1.101, as the bulls may not have enough strength to push the price higher. Accordingly, from the specified level, we will observe the beginning of a decline in the corrective wave bundle [X]. It is difficult to say which correction model this wave will take, but it is possible to forecast how far the price will fall.
The magnitude of wave [X] can be determined using the Fibonacci retracement tool. Corrective waves often end with a coefficient of 38.2% or 50% of the existing waves. Thus, the first target for bears is the level of 1.0809, where [X] is equivalent to 38.2% of [W].
Among the important news from Europe and the United States that may influence the EUR/USD pair, it is worth highlighting the consumer price index, the number of initial claims for unemployment benefits, and pending home sales in the United States.
In the current situation, opening short positions from the current level can be considered.
Trading recommendations: sell at 1.0957, take profit at 1.0809.
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