On the daily chart of the euro/U.S. dollar (EUR/USD) currency pair there has been a nice rising price action since the start of the year with increasing bullish momentum, which indicates that the market can make an impulsive leg, seen as Wave C) of a big correction. If we are correct, the current leg up is sub-wave 4 of C). Once Wave C) fully unfolds, that is when a new three-wave reversal may come into play to the downside.
Regarding the 4-hour view, the EUR/USD is trading quite tricky and not so clear at this stage after the recent drop to the 1.1837 zone from where price turned up last week. Technically speaking, price action since the end of August can still be part of a correction in Wave 4. We favor a triangle after a nice leg back above 1.1914 which can be Wave "d" so ideally, the market will continue higher after a Wave "e" pullback this week.