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Analytical Reviews

Wave analysis

14.10.202111:15 Forex Analysis & Reviews: Wave analysis for EUR/USD on October 14, 2021

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR/USD, H4 timeframe:

Exchange Rates 14.10.2021 analysis

Let's continue to analyze the situation of the EUR/USD pair through Elliott's theory.

According to Elliott's theory, the formation of the final part of an ascending large impulse occurs. As part of this impulse, a long-term lateral correction 4 most likely came to an end, which took the form of a wave plane [A]-[B]-[C].

Looking at the last part of the chart, it can be seen that the price began to slowly move up, which may indicate the beginning of a new bullish wave.

It is assumed that the price may rise to the level of 1.1908 in the short term, which was marked by the correction (4).

According to the economic calendar, three important news is expected to be released in the United States today. 1) the number of initial applications for unemployment benefits will be known at 12:30 Universal time. 2) the producer price index will also be published. 3) Crude oil reserves will be published at 15:00 Universal time. This news may affect the market.

Currently, one can consider opening buy deals in order to take profit at the specified level.

Roman Onegin
Analytical expert of InstaForex
© 2007-2025

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