The currency pair confirms a scenario in which the active wave [Y] is forming. Wave [Y] could be the final one in a global double zigzag W-X-Y. It is assumed that [Y] takes the form of a standard 3-wave zigzag (A)-(B)-(C).

Let's focus on the completed wave (A). It has the form of an impulse with a truncated fifth wave. After the bullish impulse, we saw a price pullback, which could indicate the construction of a bearish correction (B). At the moment, the correction (B) may be fully formed.

It is possible that the initial part of impulse (C) is now being constructed. In this impulse, the price may rise to the mark of 1.1278.

At the level of 1.1278, the size of the active wave [Y] will be equal to wave [W]. The likelihood of reaching the indicated ratio is high.

In the current situation, it is possible to consider opening long positions with the target of profiting from the end of the impulse (C).

Attention should be paid to important economic news scheduled in the USA. Today, reports on crude oil inventories and the number of unemployment benefit claims will be published. The previous indicators last month were higher than forecasted, which strengthened bullish sentiment. We expect the same today.

Trading recommendations: buy at 1.0941, take profit at 1.1278.