FX.co ★ EUR/USD Elliot Wave Analysis for September 3, 2021

EUR/USD, H1:

According to Elliott wave analysis, a global impulse is being built for the EUR/USD pair, in which the corrective wave 4 was completed. This correction took the form of a wave plane [A]-[B]-[C]. After it ended, the market turned around and began to move in an upward direction, which hints at a new bullish wave.

Most likely, the formation of the final fifth of the global momentum has begun on the market. Judging by the initial part, an upward impulse is being built, in which the first two sub-waves (1) and (2) were completed, and now the development of the sub-wave (3) has begun. It is assumed that the price will soon reach the level of 1.1909, which was marked by the correction (4), and then rise to higher levels.

Thus, in the current situation, one can consider opening long positions with a take profit at 1.1909.