FX.co ★ Wave analysis of EUR/USD for November 8, 2021

EURUSD, H1

During the previous trading day, the market completed the formation of the downward impulse (C) as part of the corrective wave [B]. Wave [B] is the second of five subwaves of the converging horizontal triangle 4. After wave [B] completes, the price began to rise in the next wave of the triangle - correction [C], which will presumably take the form of a simple bullish zigzag (A)-(B)-(C). In the near future, the completion of a small downward wave (B) of [C] is expected, then we will see the growth of the market in [C].

The estimated possible target for the price is 1.1634. The speech of Federal Reserve Chairman Jerome Powell may affect the growth of the market and raise the price to the specified target level. In this regard, it is possible to open long positions from the current level.

Trading recommendations: On the following trading days, the market may rise to the level of 1.1634, so it is recommended to consider opening long positions.