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17.09.202114:16 Forex Analysis & Reviews: Elliot wave analysis of EUR/USD for September 17, 2021

EUR/USD, H4:

Exchange Rates 17.09.2021 analysis

The corrective wave 4, which took the form of a wave plane, was completed. Then the market turned around and began to move up. The initial part of the new wave hints at an impulse. Perhaps the first part of the potential impulse has fully completed its pattern. A bearish correction (2) is in the process of development. This correction is taking the form of a double zigzag and is likely to be completed soon.

The price is expected to decline in the final wave Y just below the level of 1.1740, where the value of wave (2) will be 76.4% along the Fibonacci lines from wave (1), then the market may begin to grow in an impulse (3) above the level of 1.1911, marked by subwaves (1) and (4).

Thus, in the current situation, it is recommended to consider opening buy deals in order to take profit at the previous maximum.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Roman Onegin,
Analytical expert of InstaSpot
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