FX.co ★ Wave analysis for EUR/USD on October 25, 2021

EUR/USD, H4 timeframe:

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

Based on Elliott's theory, the formation of the final section of the global impulse can be observed. The second half of corrective wave 4 is presented on the four-hour timeframe, which has taken the form of a wave plane and seems to be fully done.

Bullish growth is seen in the last section of the chart. It is assumed that the new wave will take the form of an impulse 1-2-3-4-5. Waves 1 and 2 have already been completed, and now, the price is rising in impulse 3. The price may rise above the level of 1.1910, which was marked by the correction (4).

The price is expected to rise to the specified level in the next trading days, therefore, we can consider opening buy deals.

Trading recommendations:

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