FX.co ★ Wave analysis for EUR/USD on September 30, 2021

EUR/USD, H4 timeframe:

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

The EUR/USD pair current structure suggests that the price continues to form a sideways corrective wave 4, which takes the form of a wave plane [A]-[B]-[C].

We are currently in the final part of a descending impulse wave consisting of sub-waves (1)-(2)-(3)-(4)-(5). Perhaps, the fifth sub-wave of the 5, bearish impulse wave (5) is being formed. This wave is expected to be completed around the level of 1.1625. After reaching this level, the price can start a bullish trend, as shown in the chart.

In such a situation, sales can be considered in the short term. One can consider opening sales transactions from the current level to be able to take profit at the specified level.