Elliott waves analysis – EUR/USD: Price Entering a Sideways Movement.

The sharp weakening of the euro has predictably been halted. Buyers have become active and are seeking opportunities to respond adequately to the recent decline. Currently, a cautious rise is being observed. Over time, the price is likely to trade within a specific range, forming a corrective structure that can be represented as wave x in the anticipated double zigzag pattern.

Following this phase, the price is expected to move down again, completing the missing part of this complex corrective structure.

Therefore, as no significant directional movement is anticipated at this time, it is recommended to stay out of the market and observe the development from the sidelines without undertaking any active trading actions.