EUR/USD, H4 timeframe:
The formation of a large corrective trend continues, taking the form of a triple combination. Now, the middle part of this figure is being built – the sub-wave Y. This wave takes the form of a simple zigzag [A]-[B]-[C].
Let's pay attention to the last wave [C], which is currently being formed. Its first two small sub-waves (1) and (2) are already completely done. At present, the impulse (3), or rather its fifth part, is in the formation stage. It is possible that the zigzag correction 4 has come to an end in the composition of wave (3), so there is a possibility of a decline in wave 5.
It is likely that wave 5 will end around the 1.1140 level, from which its value will be 50% of the previous impulse 3. After reaching this level, market participants will see a small rebound in the correction wave (4), as shown in the graph.
In this case, it is currently worth considering opening sell deals in order to take profit at the end of wave (3).
Trading recommendation:
It is recommended to sell from the current level and take profit at 1.1140.