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Wave analysis of EUR/USD on December 24, 2021

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EURUSD, H4:

For the EURUSD currency pair, we see a major downward trend. There is an assumption that a triple zigzag is being built, which will consist of subwaves W-X-Y-XX-Z.

A downward active wave Y is currently under development, which is assuming the form of a zigzag, consisting of three main subwaves [A]-[B]-[C]. The first impulse wave [A] was completed at the end of August, then the price increased slightly in the corrective wave [B]. Since the beginning of September, the market began to move downward within the impulse wave [C]. At the current time, only the first two parts of wave [C] have been fully completed – subwaves (1)-(2). The subwave (3) in the form of an impulse is in the development stage.

Most likely, correction 4 is being formed in wave (3). Perhaps, for the full completion of this correction, subwave [Y] is needed, which may soon come to an end, approximately at the level of 1.1415.

After reaching the specified level and full completion of correction 4, the market will begin to move down in wave 5. The value of wave 5 can be 61.8% of wave 3 along the Fibonacci lines from impulse 3.

In the current situation, it is possible to consider opening buy deals in order to take profit at the end of wave 4.

The material has been provided by InstaForex Company – www.instaforex.com

GBP/USD Forecast and COT report for December 24, 2021

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