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30.07.202113:03 Forex Analysis & Reviews: Wave analysis for EUR/USD on July 30

EUR / USD, H4 chart.

Exchange Rates 30.07.2021 analysis

A new bullish trend emerged after wave 4, which took the form of a flat plane and has a bearish impulse [C], ended.

Impulse [C] consists of subwaves (1) - (2) - (3) - (4) - (5), where wave (5) has a diagonal pattern, which indicates the end of the downward trend. Usually, when such a situation occurs, price flies rapidly in the opposite direction. Therefore, it is not a surprise that a new upward wave began in the market.

Considering this, it is likely that EUR / USD will hit 1.197 in the coming days and will continue to move up.

EURUSD, H1 chart.

Exchange Rates 30.07.2021 analysis

A small diagonal pattern [1] was formed inside the new bullish trend. After that, price corrected and formed wave [2], which has subwaves (1) and (2).

Wave (2) is still under development and will end only when the pair reaches 1.185. As soon as this happens, price will bounce to 1.197.

This means that it would be best to open long positions from 1.185 to 1.197, otherwise, there may be huge losses.

Good luck!

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Roman Onegin,
Experto analítico de InstaForex
© 2007-2021
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