14.07.2021 03:50 PMEUR/USD, H1 time frame:
The bearish trend continues its development. At the moment, we are in the final part of a large correction wave 4. This wave takes the form of a triple zigzag [W]-[X]-[Y]-[X]-[Z], in which only the last sub-wave [Z] is not completed.
Judging by the internal structure, wave [Z] takes a double zigzag (W)-(X)-(Y) form. The sub-wave (W) is a double zigzag, and the second active sub-wave (Y) most likely takes the form of a simple zigzag A-B-C.
In the second half of June, the price finished forming the upward correction B, which consists of sub-waves [W]-[X]-[Y]. After that, the bears led the price down in an impulse wave C. It seems that the sub-waves [1]-[2]-[3]-[4] are fully done, which formed the C wave. But for its full completion, a sub-wave [5] is needed.
As shown on the chart, the EUR/USD pair is expected to further decline in sub-waves (3)-(4)-(5) in the near future, that is, to the level of 1.1688. At the specified level, the values of the impulses A and C will be equal.
Since there is a high probability of reaching the specified price level, one should consider opening sell trades.
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.
