Elliott waves analysis – EUR/USD: Price Will Continue to Rise

The price has moved upward as expected, confirming the assumptions made within the current wave scenario. However, there is a nuance concerning the length of the presumed wave 5. If the price continues to rise confidently, wave 3 would become the shortest, which should not occur in impulses. This indicates that the current upward cycle has a corrective structure, such as a simple zigzag.

In this case, a prolonged upward movement is unlikely. While some bullish potential remains, it is recommended to keep previously opened buy positions active, ensuring their safety by moving the stop loss closer to the current market price. Additionally, one might consider buying upon the update of the current local high.