EUR / USD, H4 chart:

analytics606ed33cebe5a.jpg

A downward correction continues to develop in EUR / USD. However, its structure is appearing to be more complex than we assumed in the previous articles. Therefore, most likely, wave 4 will be a triple zigzag: [W] – [X] – [Y] – [X] – [Z].

Waves [W] and [Y] are already visible, while wave [X] is still developing. It is also assuming a zigzag structure, which we have sketched in the chart.

Most likely, this wave [X] will make up 61.8% of wave [Y] and end at 1.2038.

EUR / USD H1:

analytics606ed360bebd4.jpg

The market reversed after wave [Y] ended. Now, wave (A) is developing, and it has five sub-waves, two of which seem to be already built.

There is also a small pullback in wave [4], but its duration should be short. Then, wave (C) will end, after which wave [5] will begin to form.

Sub-waves 3-4-5, meanwhile, will develop in the direction of the previous high.

Taking this into account, the most ideal action is to open long positions in the market.

The material has been provided by InstaForex Company – www.instaforex.com

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