EUR/USD, H4 timeframe:

The price continues to move according to the scenario that was chosen. We are observing the development of a large impulse, in which correction wave 4 is almost over. The last wave in 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.

It seems that within the framework of the last impulse sub-wave (5), the bearish wave 3 in the form of an impulse [1]-[2]-[3]-[4]-[5] of a smaller wave level has been completed. Therefore, the price may soon start rising within the corrective wave 4.

It is assumed that prices, along with the upward wave 4, may rise to the level of 1.1374, which was marked by a correction [4], and the news release today may contribute to the acceleration to this level.

One of the main news will be published at 13:30 Universal time today, namely the number of initial applications for unemployment benefits. This will be followed by sales of new homes at 15:00 Universal time. Another publication expected by traders is the FOMC minutes, which will be published at 19:00 Universal time.

Currently, it is recommended to consider opening buy deals in order to take profit at the end of correction 4.