Elliott waves analysis – EUR/USD. Weekly chart suggests further appreciation of the Euro.

The weekly chart in EUR/USD represents a conglomeration of series of three-wave combinations. In this cluster, only two impulses are currently visible, and they are part of a simple zigzag. The period from July 2007 to the present day seems to be corrective and constitutes a triple zigzag, which, by the way, is already completed.

The uptrend that began in early October 2023 may play the role of both an ascending impulse and a correction. Both of these scenarios suggest further price growth. However, a slight decrease may occur from the current values for the considered timeframe, followed by a move towards the local maximum established by wave b of z.