FX.co ★ Wave analysis for EUR/USD on August 2

EUR / USD, H1 chart:

The correction in EUR/USD is over. As seen on the chart, it ended with a diagonal pattern marked as sub-waves 1-2-3-4-5.

Usually, after such a scenario occurs in the market, price moves rapidly in the opposite direction. This is clearly seen at the end of wave 4, when EUR/USD went up impulsively.

And now there are two small sub-waves [1] - [2] in the chart, and there is a chance that the pair will hike even more. Most likely, it will move towards 1.1975, which means that it is high time to BUY right now, otherwise, you may lose profit.

In addition, there will be a PMI report from the US today. Its data will inevitably affect the direction of the pair.

Good luck!