EUR/USD, H4 time frame:
A large impulse wave is formed for the EUR/USD pair in the long term. Apparently, the horizontal correction wave 4 has come to an end in its composition. This correction has taken the form of a wave plane [A]-[B]-[C].
Looking at the last part of the chart, it can be seen that after the bearish impulse wave [C] ended, the price reversed and began to rise. It can be assumed that the formation of the initial part of the bullish impulse wave or the final diagonal began, which is typical for the fifth wave in impulses.
The price may rise to the level of 1.1909 in the near future, which was marked by the correction (4).
News background:
Today, important news will be published at 11:30 and 12:30 Universal Time. One of the main releases is the US GDP data. In addition, the minutes of the ECB's monetary policy meeting will be published and the number of applications for unemployment benefits will be known.
Trading recommendations:
Currently, one can consider opening buy deals in order to take profit at a specified level. The bulls will continue to push the price upwards after reaching the level of 1.1909.