empty
 
 
21.01.2022 06:33 PM
Wave analysis of EUR/USD on January 21, 2022

EURUSD, H4:

This image is no longer relevant

The EURUSD currency pair continues to build the wave bundle XX, which is part of a large bearish corrective trend that takes the form of a triple zigzag W-X-Y-XX-Z.

The wave bundle XX assumes a double zigzag [W]-[X]-[Y]. The active wave [W] was completed, as well as the horizontal wave bundle [X], which is similar to the inclined triangle (A)-(B)-(C)-(D)-(E).

Currently, we are seeing the formation of an active wave [Y]. Perhaps it will be simple in shape and will be a simple zigzag (A)-(B)-(C). It is assumed that the correction (B) has come to an end, so in the near future the price may rise in impulse (C), approximately, to the level of 1.1600.

At the indicated level, the value of wave XX will be 3.2% of the Fibonacci lines from wave Y. The probability of reaching the specified ratio is high. In the current situation, we can consider opening longs to take profit at the level of 1.1600.

Trading recommendation:

Buy 1.1349

Take profit 1.1600.

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 $8000 more!
    In March we raffle $8000 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