12.07.202113:04 Forex Analysis & Reviews: Wave analysis for EUR/USD on July 12, 2021

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EUR/USD, H1 time frame:

Let's continue to consider the situation for the EUR/USD pair.

It is assumed that the price will continue to decline during the next trading week since the formation of correction 4 has not yet been completed.

It was previously mentioned in the past reviews that that correction 4 is currently forming in the market, which is already almost done. It consists of five sub-waves [W]-[X]-[Y]-[X]-[Z], four of which have already been formed, while the last fifth sub-wave is under development.

The sub-wave [Z] consists of three zigzag sub-waves (W)-(X)-(Y). The last active sub-wave (Y) is similar to a simple zigzag A-B-C. Analyzing the last section of the chart, it can be seen that the price has been growing in a correction [4] as part of the bearish impulse wave C during the last trading days. To date, wave [4] looks fully complete with sub-waves A-B-C.

If the assumption is correct, market participants may observe a decline in the market in sub-wave [5] to the level of 1.1688. At the specified level, the values of the descending impulses A and C will be equal. The target was determined using the Fibonacci line tool.

Currently, one can consider opening sell deals.

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