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Wave analysis

24.09.202113:33 Forex Analysis & Reviews: Wave analysis for EUR/USD on September 24, 2021

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EUR/USD, H4 timeframe:

Let's continue to consider the situation of the EUR/USD pair using the Elliott theory.

Based on Elliott's theory, the formation of an upward impulse wave continues for the currency pair. It is assumed that the price has already done forming the upward wave (1), and it seems that the formation of the downward correction (2), which took the form of a double zigzag W-X-Y, has ended.

In this case, the price is expected to rise within a larger impulse wave (3) in the next few days. The first target for closing deals is located at the previous high of 1.1911, which was marked by the sub-wave (1) and the corrective wave (4), which is part of the horizontal correction 4.

Traders are waiting for the speech of the US Fed Chairman, Mr. Powell, who has an exceptional influence on the dollar rate, at 14:00 Universal time today. The second important news that will be published today at the same time is a report on the sale of new housing in the US. All this news can accelerate the pair's growth.

Currently, it is recommended to consider opening buy deals in order to take profit at the specified level.

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