EUR/USD, H4 time frame:
The current structure of the EUR/USD pair indicates that a large correction wave 4 may be forming in the market, which consists of sub-waves [W]-[X]-[Y]-[X]-[Z].
It should be noted that the second wave of the bundle [X] was completed recently, after which we saw the beginning of a new descending wave. It is likely that the first part of this wave, i.e. sub-waves 1 and 2, is now being formed.
Now, let's closely look at the situation on the hourly time frame.
EUR/USD, H1 time frame:
The current structure of the EUR/USD pair indicates that a large correction wave 4 may be forming in the market, which consist of sub-waves [W]-[X]-[Y]-[X]-[Z].
It should be noted that the second wave of the bundle [X] was completed recently, after which we saw the beginning of a new descending wave. It is likely that the first part of this wave, i.e. sub-waves 1 and 2, is now being formed.
Now, let's closely look at the situation on the hourly time frame.
EUR/USD, H1 time frame: