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Wave analysis of EUR/USD for November 15, 2021



The EURUSD currency pair has formed a large impulse. As part of this impulse, the second half of the corrective wave 4 has been developing for the last six months. Wave 4 has a horizontal internal structure and is the wave plane [A]-[B]-[C].

It is worth paying attention to the final part of the downward impulse wave [C], that is, subwave 5 of (5), which takes the form of the final diagonal [1]-[2]-[3]-[4]-[5]. Perhaps this final diagonal is half completed. The development of this diagonal is expected to continue in the near future. We see completed subwaves [1]-[2]. The third sub-wave [3] is in the development stage, which may take the form of a downward zigzag (A)-(B)-(C).

It is assumed that the corrective wave (B) will be completed at the level of 1.1520. A rough outline of the possible future movement is shown on the chart.

In the current situation, it is possible to consider opening buy deals in order to take profit at the level indicated above.

Trading recommendations: Buy from the current level, take profit 1.1520

The material has been provided by InstaForex Company -