FX.co ★ Wave analysis for EUR/USD on October 21, 2021

EUR/USD, H4 timeframe:

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

According to the EUR/USD pair's wave analysis, the final section in the global impulse is being formed. It is very possible that the construction of a large horizontal correction 4 was completed, which took the form of a wave plane [A]-[B]-[C].

The price reversed after the end of wave 4 and it can be assumed that the formation of a new large wave 5 has begun. If this is indeed the case, then market participants will expect the price to rise shortly.

The first bullish target can be noted at the level of 1.1910, which is the high marked by the corrective wave (4).

Currently, one can consider opening buy deals in order to take profit at a specified level.

Trading recommendations:

It is recommended to buy from the current level and take profit at the level of 1.1910.