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In the long term, the EUR/USD market may be forming a large bullish correction (B), which is taking the shape of a standard A-B-C zigzag. As of now, only the first two parts of this pattern—the impulse wave A and the corrective wave B—have been fully completed.
On the most recent section of the chart, we can observe the development of the bullish wave C, which appears to be taking the form of an impulse. At present, the first four sub-waves of this impulse—(1)-(2)-(3)-(4)—have been completed, and the bullish final sub-wave (5) is in progress. There is a high probability that bulls within wave (5) may push the market toward the 1.189 level. At this mark, the size of the large impulse wave (5) will equal 61.8% of the Fibonacci extension of the previous impulse wave (3).
Therefore, if the upward movement continues, opening long positions from the current level could be considered, with the goal of taking profit at the 1.189 level. Once this level is reached, a trend reversal is expected, specifically the development of the final bearish impulse (C).
Trade recommendation: Buy at 1.151, take profit at 1.189.
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