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26.01.2024 01:31 PM
The construction of the active wave Y continues on the four-hour timeframe of the EUR/USD currency pair. This wave consists of three main parts and takes the form of a double zigzag [W]-[X]-[Y]. The first two parts, namely subwaves [W] and [X], appear to be fully completed.
The final wave [Y] may be in the process of development. As of today, a completed upward wave (A) in the form of an impulse can be observed. A bearish correction (B) that takes the form of a standard zigzag also appears to be constructed.
Since the zigzag correction (B) appears to be fully assembled, we may soon observe the development of an upward impulse wave (C). Bulls in the mentioned impulse may push the price to 1.1126. At this level, the magnitude of wave (C) will be 76.4% of (A).
Among important news from the USA that could accelerate the bullish trend, it is worth noting the report with the core personal consumption expenditure index.
Trading recommendations: Buy at 1.0864, take profit at 1.1126.
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