FX.co ★ Wave analysis for EUR/USD on September 6, 2021

EUR/USD, H4 time frame:

Let's continue to analyze the situation of the EUR/USD pair in the four-hour time frame.

The development of the final part of the global impulse can be observed in the EUR/USD pair as in the last trading days.

The horizontal corrective wave 4 was completed, which took the form of a flattened wave. After that, the price started to move in an upward direction within the initial part of the fifth wave.

We will most likely see the structuring of an ascending wave in the last part of the chart, which can take the form of an impulse (1)-(2)-(3)-(4)-(5). At the moment, the sub-waves (1)-(2) have been fully done, and a sub-wave (3) is under development. There is a high possibility that the price will rise above the level of 1.1976 in the near future, which was marked by correction 4.

Trading recommendations:

Currently, opening buy deals can be considered in order to take profit at 1.1976 high. One should make time to buy the EUR/USD pair before the price increases.