FX.co ★ Wave analysis for the EUR/USD on April 29, 2021

EUR/USD, H4 time frame:

Let's consider the current situation of the EUR/USD pair in the market.

Analyzing the four-hour (H4) time frame, it shows that the market began to build a deep correction wave 4 after a long period of impulse growth within wave 3. This correction takes a bearish triple zigzag form [W]-[X]-[Y]-[X]-[Z]. The first three parts of this figure are simple zigzags, and the second wave of the bundle [X] has a more complex structure. Apparently, the wave [X] is already completed, which takes the form of a double zigzag (W)-(X)-(Y).

Now, we will move to the hourly (H1) time frame to consider the outline of the last part of the chart.

EUR/USD, H1 time frame:

It can be seen that the acting sub-waves (W) and (Y) of the double zigzag [X] have taken the form of triple zigzags in the smaller time frame.

Judging by the internal structure, these sub-waves look fully done. Therefore, there is a high possibility that the area, where a slight decline is observed, may be the beginning of a bearish impulse wave (A). The end of this wave is expected at the low of 1.1943, which was marked by wave X.

The entire wave [Z] can take the form of a standard zigzag and consist of three main sub-waves (A)-(B)-(C). We have shown its approximate structure schematically on the chart.

At the moment, one can consider opening sell deals.