FX.co ★ Wave analysis of EUR/USD for September 8, 2021

EUR/USD, H4:

On the higher timeframe, we see that the sideways corrective wave 4 in the form of the wave plane [A]-[B]-[C] has been completed.

After its completion, the market reversed. The bulls began to actively push the price up. It is possible that the initial part of the upward impulse is being formed.

It looks like wave (1) and correction (2) have been fully completed today. Let's consider their internal structure on a lower timeframe.

EUR/USD, H1:

On the hourly timeframe, we can see the internal structure of wave (1), which is an impulse 1-2-3-4-5. It is also assumed that the price correction of wave (2) has been completed. It has a complex WXY double zigzag formation.

Thus, in the near future, impulse price growth is expected in subwave (3), within which the market may rise much above the high of 1.1909. At this level, the subwave (1) and the corrective wave (4) were completed earlier.

Today, at 14:00 UTC, the number of open vacancies in the labor market (JOLTS) of the United States will be published. Most likely, this news will affect the acceleration of EUR/USD growth.

Trading recommendations: in the current situation, you can consider opening buy deals in order to take profit at the previous maximum.