FX.co ★ Wave analysis for EUR/USD on August 24, 2021

EUR/USD, H4 time frame:

Let's continue to analyze the situation of the EUR/USD pair.

From a global point of view, the final part of the bullish five-wave impulse is formed at the higher wave level. It is very possible that the market has completed forming the horizontal correction wave 4, which took the form of a wave plane [A]-[B]-[C].

At a lower wave level, we saw a price reversal and the beginning of its growth immediately after the end of the impulse price decline in the sub-wave [C]. That is, there was a formation of the initial part of a new bullish wave in the last section of the chart.

The nearest target is located at the level of 1.1806, where a small correction 4 completed its development.

Trading recommendations:

Currently, it is possible to consider the opening buy deals with the aim of taking at the level of 1.1806.