EUR/USD, H4 timeframe:
Let's continue to consider the situation of the EUR/USD pair using the Elliott theory.
Just like the last trading week, the formation of the final part of a large bullish impulse can be seen. The correction wave 4 was completed, which took the form of a wave plane.
The price made an upward reversal following the end of the horizontal correction. It is assumed that the initial part of the upward impulse is being formed, which will consist of five sub-waves (1)-(2)-(3)-(4)-(5). The first two parts - sub-waves (1)-(2) are currently shown. The corrective wave (2) is deep enough, so the price may rise in impulse (3) in the near future.
The first target for opening buy deals is at the previous high of 1.1911. After reaching this level, the price will continue to further increase.
The ECB President Lagarde will deliver a speech at 14:45 GMT today. After that, base orders for durable goods will be published at 15:30 GMT, which may affect the acceleration of price growth.
We will most likely continue to observe the EUR/USD pair in the future.