EUR/USD, H4 time frame:

The EUR/USD pair has been forming a downward correction pattern since the beginning of this year, which takes the form of a triple combination.

We see fully completed sub-waves [W]-[X]-[Y], and the second wave of the bundle [X] also seems to be constructed. All these sub-waves are simple zigzags.

Therefore, we are currently in the initial part of the final active sub-wave [Z]. It is assumed that the beginning of a bearish impulse is being built.

Now, let's consider the layout of the last part in the hourly time frame.

EUR/USD, H1 time frame:

The market formed a series of sub-waves 1 and 2 and [1] and [2] of a smaller wave level after the upward wave of the bundle [X] ended its formation. The correction wave [2] took the form of an ascending double zigzag (W)-(X)-(Y).

The market began to build the initial part of a bearish impulse wave [3] a few days ago. At the moment, only the first two parts of it are fully completed – waves (1) and (2). The continuation of the development of this momentum and sub-waves (3)-(4)-(5), as shown in the graph, is expected in the next trading days.

It is likely that the bears will push the price to the previous low, which was formed by the bearish correction (B), namely to the price level of 1.1983.

Currently, it is recommended to consider opening sell trades to make a profit at a low of 1.1983.