EUR/USD, H4 time frame:

According to Elliott's theory, a bullish impulse is formed for the EUR/USD pair, in which the fourth wave was built – correction 4 in the form of a wave plane [A]-[B]-[C].

The price growth and the development of a new bullish wave can be observed in the last part of the four-hour timeframe. This wave can take the form of a simple five-wave impulse. At the moment, its first two sub-waves (1) and (2) are already fully done. Consequently, the development of the sub-wave (3) and, accordingly, an increase in prices can be expected.

It is assumed that the pair will update the previous high of 1.1909 in the near future, which was marked by sub-waves (1) and (4).

EUR/USD, H1 time frame:

As for the hourly timeframe, we can consider the internal structure of sub-waves (1) and (2).

Wave (1) appears to be fully complemented by sub-waves 1-2-3-4-5 and is a five-wave impulse. Meanwhile, the corrective wave (2) also looks completely done and is a double zigzag W-X-Y.

Perhaps, the price is currently at the reversal stage and is preparing for impulse growth (3). Thus, it is recommended to consider opening buy deals from the current level. It is better to set the take profit at the previous maximum of 1.1909.

It is worth paying attention to the fact that Europe will release important news today at 11:45 Universal time, followed by an ECB press conference at 12:30 Universal time. In addition, the number of initial applications for unemployment benefits in the US is expected to be published at 12:30, and crude oil reserves will be published at 15:00 UTC+00.

Such several economic news can definitely affect the strengthening of the growth of the EUR/USD pair in impulse (3).