Elliott waves analysis – EUR/USD. The price is starting to rise in a corrective wave.

Earlier, there was a hypothesis that the decline would start slowing down, and the price would attempt to rise. And that’s exactly what happened. Buyer activity began to increase, leading to a complete halt in the downward movement followed by an upward trend. And apparently, this is just the beginning. In the near future, a continuation of the upward movement is expected.

This is due to the formation of the presumed corrective wave ii in the emerging downward impulse. It is expected that this correction will end somewhere near the 50% or 61.8% Fibonacci retracement levels. The potential, as seen from the provided chart, is sufficient to participate in this movement.

It’s also worth noting that the price activated the buy signal suggested yesterday. Therefore, it is possible to open long positions at current market values.