Elliott waves analysis – EUR/USD. The Price is Choosing a Direction.

Buyers are facing difficulties. Another attempt to start rising ended in failure, and the price returned to the starting point. Overall, the pair is trading within a converging triangle, currently considered as an ending diagonal triangle in wave c of a simple zigzag.

However, if the euro cannot start rising, the current wave scenario will need to be revised. There are still slight chances for an impulsive growth to begin. Confirmation of this would be the price consolidating above the upper boundary of the supposed ending diagonal triangle.

Therefore, it is recommended to wait for such a development and then buy. Until this happens, it is advisable to stay out of the market and wait.