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Wave analysis for EUR/USD on October 11, 2021

EUR/USD, H4 timeframe:

analytics6163eca029ab0.jpg

Let's continue to analyze the situation of the EUR/USD pair through Elliott's theory.

A sideways correction 4 can be observed for the EUR/USD pair. This correction is a wave plane [A]-[B]-[C] and it appears that it is almost over.

Looking at the four-hour timeframe, it can be seen that there is an upward corrective wave [B], which is a zigzag (A)-(B)-(C). In addition, we also see a downward wave [C], which represents an impulse (1)-(2)-(3)-(4)-(5).

It is assumed that the price has done forming the final impulse wave (5), and along with it, the entire bearish wave [C]. After that, a price reversal and the beginning of its growth occurred. It is likely that the formation of the initial part of the final wave of the global bullish impulse has begun.

There is a high possibility that the price will rise and will reach the level of 1.1920 in the near future, which was marked by the correction (4).

Currently, one can consider opening buy deals.

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