See also
EUR/USD, H1 time frame:
Let's continue to analyze the situation of the EUR/USD pair.
The formation of a large correction wave 4 for the EUR/USD pair can be observed for a long time, which is part of the global impulse. Wave 4 is a wave plane [A]-[B]-[C] and seems to be fully done.
Looking at the last part of the chart, it can be seen that the price reversed and began to rise after the end of the bearish impulse wave [C]. It is very possible that a new bullish wave has begun to form and perhaps, an impulse is also forming. So far, its first sub-wave (1) looks complete, and a bearish zigzag correction (2) is almost complete.
In connection with Fed Chairman Powell's speech today, it can be assumed that the price may rush to complete the correction (2), and then start rising towards wave (3), namely above the level of 1.1806 as shown in the chart.
Trading recommendations:
Since a bullish wave (3) is expected to develop anytime soon, one should consider opening buy deals. The nearest target is at the level of 1.1806, where a small correction 4 was completed earlier.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
In the upcoming week, the British pound is highly likely to follow a general sideways trajectory. A brief price decline is expected early in the week. Toward the weekend, volatility
At the beginning of the upcoming week, the European currency is expected to continue moving sideways along the calculated counter-trend zones. A downward movement is more likely at the start
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