Elliott waves analysis – EUR/USD. The Upward Movement is Postponed for Some Time.

The previously considered scenario has undergone some changes. Unexpected weakness from the euro has led to a price decline, forming a zigzag pattern. The anticipated rise, intended to form wave 5 in the initial diagonal triangle, did not materialize.

It appears that the entire wave structure has already formed, and the recent decline is likely due to the development of a correction, including wave 2 in the emerging upward movement.

If this is indeed the case, it is necessary to wait for the euro to stabilize its current movement and take the initiative to begin forming a sustained impulsive movement in wave 3.

Until then, attempting to enter into any trading positions is not recommended.