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EUR/USD on July 28. The final diagonal is close to completion. A new trend is about to start!

EURUSD H1:

analytics610189c48169b.jpg

On the hourly timeframe of the EURUSD currency pair, the final part of the correction wave 4 is represented, more precisely, we see the construction of an impulse wave [C] consisting of sub-waves (1)-(2)-(3)-(4)-(5).

Let's pay attention to the last sub-wave (5). Since its first sub-wave has a zigzag structure, and the fourth wave ended above the end of sub-wave 1, we can conclude that wave (5) is a finite diagonal. Wave 4 took the form of a double zigzag [W]-[X]-[Y], followed by a decline in the price.

Apparently, the development of the sub-wave 5 has begun. Its end is expected around the level of 1.1730.

So now the market is in a favorable situation for opening short positions in order to take a profit at the specified level.

Then, after the price reaches the level of 1.173, it is possible to open long positions, because from this level the market can start moving in an upward direction. You also need to take into account that a new bullish trend may begin, so opening long positions from the 1.173 level or placing a buy limit order at this level looks like a good idea.

Thank you all for your attention and profitable trading!

The material has been provided by InstaForex Company - www.instaforex.com