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22.11.2021 10:20 AM
Wave analysis for EUR/USD on November 22, 2021

EUR/USD, H4 timeframe:

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The development of a major impulse continues for the EUR/USD pair, as part of which the correction wave 4 is coming to an end. Looking at the four-hour timeframe, the second half of this correction can be observed.

The final wave of correction 4, that is, wave [C], takes the form of a five-wave impulse (1)-(2)-(3)-(4)-(5). This impulse is built into four parts out of five.

Therefore, the price is expected to continue to decline within the impulse sub-wave (5) in the near future, more precisely in its middle part – impulse 3. The end of impulse 3 is possible at the level of 1.1226.

Important news about US existing home sales will be published today at 15:00 Universal time, which may affect the market.

At the moment, it is recommended to consider opening sell deals in order to take profit at the specified level.

Roman Onegin,
Analytical expert of InstaForex
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