EUR/USD, H4 timeframe:

The EUR/USD pair is supposed to build a global triple zigzag W-X-Y-XX-Z. Currently, the bearish acting wave Y is developing. This wave takes a simple zigzag [A]-[B]-[C] form.

Here, we have an impulse wave [A] and bullish correction [B]. The bearish wave [C] is in the development stage. Its initial part hints at an impulse. A five-wave impulse wave (1) and a bullish correction (2) in the form of a zigzag A-B-C were completed.

Now, a decrease in the price in impulse 3 can be observed. If one looks closer, the formation of a descending wave 3 has recently ended in its composition and an adjustment is now taking place in wave 4. It is possible that the price will rise to the level of 1.1290, and then decline again.

An approximate scheme of possible future movement is shown on the graph.

Trading recommendations:

It is recommended to buy from the current level and take profit at the level of 1.1290.