FX.co ★ Wave analysis for EUR/USD on July 15, 2021

EUR/USD, H1 time frame:

Now, let's continue to trade the EUR/USD currency pair.

The development of a downward impulse wave C, which is part of a bearish double zigzag (W)-(X)-(Y), was shown in the last part of the chart. This double zigzag is the final element in deep correction 4.

The formation of the impulse wave C began on June 27, which consists of five parts-sub-waves [1]-[2]-[3]-[4]-[5]. Since the start of this week, the market has begun to build the last fifth of the specified pattern, that is, about the wave [5].

Today, it is possible that wave [5] has completed its pattern in a part. A decline in the lower wave level in sub-wave 5 is expected in the near future, which will complete the impulse (3), which is part of the wave [5]. After the end of wave (3), the price will slightly rise in the correction (4), then it will fall again in the final wave (5), as shown on the chart.

The end of wave C is expected near the level of 1.1688, at which its value will be equal to the value of the impulse wave A. Currently, one can consider opening sell deals in order to take profit at the specified level.