FX.co ★ Wave analysis for EUR/USD on July 8, 2021

EUR/USD, H1 time frame:

The development of the bearish zigzag A-B-C is shown in the last part of the chart. This zigzag forms the final effective sub-wave (Y) of the large triple zigzag.

Following the downward movement in impulse A, we saw a price pullback within the bullish correction B. The correction was formed during the week, and then the price began to decline again.

We have observed the construction of a downward impulse wave C from the end of June until the present, which is completed by sub-waves [1]-[2]-[3]-[4]-[5]. Based on the chart, it can be assumed that the market will fall in sub-waves (3)-(4) (5) to the level of 1.1688 in the near future.

At this level, the magnitude of the impulse wave C will be equal to the impulse wave A. As a rule, impulse waves in zigzags tend to be equal, so there is a high probability of reaching this level.

Currently, it is suggested to open sell trades in order to complete wave C.