The wave structure currently forming on EUR/USD looks quite interesting. It’s worth recalling that under the main scenario, wave IV is now developing within an initial diagonal triangle, taking the form of a contracting horizontal triangle.

Within this structure, wave d may have already completed, and it also represents a contracting horizontal triangle. To finish the entire pattern, the final bearish wave e of IV is still missing.

If this interpretation is correct, we may see a decline in the near term that could be traded, after which the price should begin moving higher.

Recommendation: SELL 1.1800, SL 1.1825, TP 1.1730.