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EUR/USD, H4:
The current structure of EUR/USD indicates that a long corrective wave 4 has been built on the market, which looks fully completed. This wave consists of subwaves [A]-[B]-[C] and is a wave plane.
After the full completion of correction 4, we saw a rise in the currency pair in the initial part of a new bullish trend, i.e. in impulse 1. After the completion of wave 1, the market began to correct rather quickly in wave 2. Correction 2 will likely be completed in the area of the target level 1.172. At this level, the value of the entire correction 2 will amount to 76.4% of impulse wave 1. After the full completion of correction 2, the market may rise above the level of 1.1911.
Today, at 13:30 UTC, ECB President Christine Lagarde is scheduled to give a speech. The head of the European Central Bank sets short-term interest rates and has a decisive influence on the euro exchange rate.
Trading recommendations: It is possible to open short positions from the current level with the target at 1.172.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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