FX.co ★ Wave analysis of EUR/USD for October 19, 2021

EURUSD, H4:

For the EURUSD currency pair, we see the internal structure of the second half of the major correction 4. This wave is the wave plane [A]-[B]-[C], which looks fully completed.

Wave 4 itself is part of a large upward impulse, and therefore it can be assumed that soon the price will rise in the final fifth leg of this impulse. Typically, the fifth waves in impulses are either impulse of a lower wave level or end diagonals. For now, we are choosing in favor of the impulse. Perhaps the market has completed sub-waves [1] and [2], therefore, growth is expected ahead in sub-wave [3].

The price will most likely move to the level of 1.1908 soon, which was marked by the correction (4).

In the current situation, it is recommended to consider opening buy deals, take profit can be set at the price level 1.1908.