EUR/USD, H4 timeframe:

Let's continue to consider the situation of the EUR/USD pair using the Elliott theory.

A price reversal and the beginning of a bullish trend were observed following the end of the horizontal correction wave 4. It is worth noting that correction 4 took the form of a wave plan [A]-[B]-[C].

Perhaps, an upward wave is forming, which can take the form of an impulse (1)-(2)-(3)-(4)-(5). It is assumed that the correction has been completed in a sufficiently deep wave (2), so the market is expected to grow in wave (3) in the near future. Most likely, the price will soon rise to the previous high of 1.1910, which was marked by wave (1).

The United States' weekly report on the number of initial claims for unemployment benefits will be released at 12:30 Universal time today, which may affect the currency pair.

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