FX.co ★ Elliot Wave analysis of EUR/USD for October 27; Trading plan for today

EURUSD, H4:

For the EURUSD currency pair, we see the construction of a large impulse wave. There are five compound subwaves in impulse waves. On the four-hour timeframe, we see that the fourth subwave has come to an end, which is a horizontal correction and has the shape of a simple wave plane [A]-[B]-[C].

It is assumed that we are currently seeing the development of the initial part of the bullish impulse, which will consist of subwaves 1-2-3-4-5. It seems that the formation of the first two subwaves 1 and 2, impulse and correction, has been completed. In the near future, the price is expected to rise in impulse 3 above the level of 1.1910.

In the current situation, you can consider opening buy deals in order to take profit at the previous maximum, which was marked by the corrective subwave (4).

Trading recommendations: Buy from the current level. Take profit 1.1910.