Wave analysis of EUR/USD on April 15. Price can still reach 1.2030

EUR/USD, H4:

Today we will analyze the situation with the EUR/USD currency pair.

The market continues to move within the big triple zigzag [W]-[X]-[Y]-[X]-[Z]. The first three sub-waves of this triple zigzag are completed. After the end of the bearish zigzag in wave [Y], we saw a rise in price in the second wave of the bundle [X].

It is possible that the final part of wave [X] is being formed at the moment. Its completion is expected near the 1.2038 price level. At this level, the value of wave [X] will be 61.8% along the Fibonacci lines from the bearish wave [Y].

Let's consider the structure of wave [X] on the hourly time frame.

EUR/USD, H1:

Wave bundle [X] takes the form of a double zigzag (W)-(X)-(Y).

During the first half of this month, the market has fully completed the construction of sub-waves (W) and (X). The sub-wave (W) has a complex W-X-Y-XX-Z triple zigzag formation. The wave bundle (X) is a standard A-B-C zigzag. The market also completed the development of an upward impulse wave A, which is part of the final active wave (Y). In the near future, a slight pullback is possible in the corrective wave B, after which the price will continue to grow in the impulse wave C towards the level of 1.2038.

In this situation, it is recommended to consider opening buy deals from the current level in order to take profit at the end of wave [X].

The next review for the EUR/USD pair will be published on April 19.