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01.06.2021 01:25 PM
Wave analysis for EUR/USD on June 1, 2021

EUR/USD, H4 time frame:

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The wave theory indicates that a large correction wave 4 is formed on the four-hour time frame, which takes a triple zigzag [W]-[X]-[Y]-[X]-[Z] form.

Recently, the development of the bundle wave [X] was completed, after which the market began to move in a new downward wave [Z].

Now, let's look at the chart layout in more detail on the hourly time frame.

EUR/USD, H1 time frame:

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Following the completion of the bundle wave [X], the development of impulse wave 1 was observed, which consists of sub-waves of a smaller wave level [1]-[2]-[3]-[4]-[5].

The market then began to move in a bullish correctional wave 2, taking the form of a zigzag [A]-[B]-[C]. Given the depth and duration of this zigzag, it may well be fully done. In this case, the market can expect a sharp decline in the initial part of momentum 3 in the near future.

One can consider opening short positions in the near future. The first downward target is at the low of wave 1, namely the level of 1.213.

Roman Onegin,
Analytical expert of InstaForex
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