FX.co ★ Wave analysis for EUR/USD on July 29

It seems that the bearish impulse [C] in EUR/USD, which consists of sub-waves (1) - (2) - (3) - (4) - (5), is coming to an end.

Previously, it was assumed that this impulse is not over yet and there will be a movement towards 1.175. However, the market is moving forward much faster than expected, so it is best to assume that a new bullish trend has already begun.

And since there will be a lot of important news today, such as data on jobless claims in the US, stronger price movements may occur in the market. Most likely, the direction will be upwards, but before that there may be a brief decline to 1.175, after which the growth will continue.

So, in the medium term, the market will be dominated by bulls, but in the short term there may be a quick decline. In such a case, it would be best to just maintain the already set long positions, or place a buy limit at 1.175.

Best of luck!