empty
 
 
28.10.2021 09:14 AM
EUR/USD wave analysis on October 28, 2021. US GDP data to have strong impact on market

Hello, dear traders! We continue to analyze the situation in the forex market using the Elliott Wave theory. The macroeconomic calendar is full of events both in the eurozone and the United States. The main ones are US Q3 GDP and the ECB's press conference set to take place after the interest rate decision announcement.

EUR/USD, H4:

This image is no longer relevant

From the point of view of wave analysis of EUR/USD, a large impulsive wave is currently forming. As part of this impulsive wave, the second part of corrective wave 4 has been developing for the last six months. Wave 4 has a structure of a flat, labeled [A]-[B]-[C].

It can be assumed that a correction has ended and a new bullish wave has started to form. Perhaps it will have an impulsive wave structure 1-2-3-4-5. At the same time, we can suggest that the two first sub-waves in the structure have been completed. Therefore, in the upcoming days, the price is likely to rise to wave 3.

Bulls' target is seen at the high of 1.1910, touched by corrective wave 4.

Against this backdrop, long positions could be opened in order to lock in profit at this level.

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 $9000 more!
    In May we raffle $9000 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