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Major economic news is not scheduled for today. Therefore, we should not expect drastic changes in the market.
EUR/USD, H4 timeframe:
Just like the previous trading week, the formation of the middle part of a large correctional trend can be seen. It is highly possible that a triple zigzag is being built, within which sub-wave Y is formed.
Sub-wave Y can take the form of a simple zigzag [A]-[B]-[C]. The first two parts of this simple zigzag are already done. Since the first half of September 2021, there was a decline in prices in the final downward wave [C].
Wave [C], particularly its initial part, hints at a simple five-wave impulse (1)-(2)-(3)-(4)-(5). The impulse sub-wave 3 is now forming within the framework of this impulse.
As part of impulse 3, completed sub-waves 1-2-3-4 and the first two parts of the last fifth sub-wave can be observed.
It is likely that market participants will see the price decline in sub-waves [3]-[4]-[5], towards the level of 1.1106 in the coming trading days, as shown in the chart.
Currently, one can consider opening sell deals in order to take profit at a specified level.
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