empty
 
 
04.08.2021 12:46 PM
Wave analysis for EUR/USD on August 4

EUR / USD, H1 chart:

This image is no longer relevant

The hourly chart shows the internal structure of wave 4, which is part of the long-term correction in EUR/USD.

As seen on the chart, the fifth sub-wave of bearish impulse [C] has a diagonal pattern, and after it ended the market turned around and price began to rise again. This suggests that a bullish wave is developing, and it will most likely have five parts. But so far only two have taken shape and they are classified as sub-waves [1] and [2].

Sub-wave [1] also has a diagonal pattern, while sub-wave (2) has a zigzag structure. If the pair rises to 1.1975 in the coming days, sub-wave (3) will be formed.

Another important point that can help accelerate the growth of EUR/USD is the release of important news in the United States. Three reports will be published today, and all of them may provoke strong price movements and acceleration of the trend. These are the employment report on the US private sector, data on crude oil inventories and service PMI in the United States.

Roman Onegin,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback