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08.04.202114:15 Forex Analysis & Reviews: Forecast for EUR/USD on April 8. Euro could hit 1.1990.

EUR / USD, H4 chart:

Exchange Rates 08.04.2021 analysis

A downward correction continues to develop in EUR / USD. However, its structure is appearing to be more complex than we assumed in the previous articles. Therefore, most likely, wave 4 will be a triple zigzag: [W] - [X] - [Y] - [X] - [Z].

Waves [W] and [Y] are already visible, while wave [X] is still developing. It is also assuming a zigzag structure, which we have sketched in the chart.

Most likely, this wave [X] will make up 61.8% of wave [Y] and end at 1.2038.

EUR / USD H1:

Exchange Rates 08.04.2021 analysis

The market reversed after wave [Y] ended. Now, wave (A) is developing, and it has five sub-waves, two of which seem to be already built.

There is also a small pullback in wave [4], but its duration should be short. Then, wave (C) will end, after which wave [5] will begin to form.

Sub-waves 3-4-5, meanwhile, will develop in the direction of the previous high.

Taking this into account, the most ideal action is to open long positions in the market.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Roman Onegin,
Analytical expert
InstaForex Group © 2007-2021
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