EUR/USD, H4 timeframe:
The development of a major impulse continues for the EUR/USD pair, as part of which the correction wave 4 is coming to an end. Looking at the four-hour timeframe, the second half of this correction can be observed.
The final wave of correction 4, that is, wave [C], takes the form of a five-wave impulse (1)-(2)-(3)-(4)-(5). This impulse is built into four parts out of five.
Therefore, the price is expected to continue to decline within the impulse sub-wave (5) in the near future, more precisely in its middle part – impulse 3. The end of impulse 3 is possible at the level of 1.1226.
Important news about US existing home sales will be published today at 15:00 Universal time, which may affect the market.
At the moment, it is recommended to consider opening sell deals in order to take profit at the specified level.