Elliott waves analysis – EUR/USD: Euro Aiming for New High

The euro, having created a favorable situation with an initial diagonal triangle, hasn’t fully capitalized on it. The price has entered a prolonged correction, resembling a flat pattern. This may be wave 4 in the observed upward movement. In this case, the attempt to update the current local high is seen as wave 5. Overall, the entire growth fits into the initial diagonal triangle. If this is indeed the case, a prolonged upward movement is expected.

However, these are more long-term probabilities. Locally, it is possible to consider buying at current market levels with the goal of surpassing the high established by wave 3.