Wave analysis for EUR/USD on August 13

EUR / USD, H4 chart

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A horizontal corrective wave 4 is forming, which consists of three sub-waves [A] - [B] - [C].. Zigzag waves [A] and [B] are complete, while wave [C] is still developing.

Looking closely at wave [C], it is evident that it has five blue subwaves (1) - (2) - (3) - (4) - (5). The first four waves are already complete, while the last wave is about 60% finished.

This means that it is likely that EUR/USD will bounce back in wave 4, as the market was bearish in wave 3. But afterwards there may be a decline again, which will form wave 5.

In any case, the target rate is 1.1673, which is the 61.8% Fibonacci level of wave 3.

Considering this, it is best to open short positions in the market in order to successfully provoke a decline in the pair. Then, take profit at 1.1673.

Good luck and have a nice day!

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

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