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The release of the US consumer confidence index, as well as the speech of the Fed Chairman, Mr. Powell, are expected today at 15:00 Universal time. These important events could affect the EUR/USD pair.
EUR/USD, H4 timeframe:
The development of a major impulse continues for the EUR/USD pair just like in the previous trading weeks, within which the correction wave 4 is almost ending. On the four-hour timeframe, the second half of this correction can be observed.
The final wave of correction 4, that is, wave [C], takes the form of a five-wave impulse (1)-(2)-(3)-(4)-(5). Currently, sub-waves (5) are under development. Sub-waves 1-2-3-4 were built as part of it. In this situation, the price is expected to fall within the framework of wave 5 in the near future.
Wave 5 may end near the level of 1.11, from which the magnitude of wave 5 will be 50% of wave 3. The probability of achieving this coefficient is high. Moreover, the release of today's news may accelerate the fall of the exchange rate. So, it is now possible to consider opening sales transactions.
Trading recommendations:
It is recommended to sell from the current level and take profit at 1.1374.
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