Elliott waves analysis – EUR/USD. Correctional uptrend has started.

The price is attempting to rise again. It’s understandable, given that the pressure exerted by sellers has stretched out, and every tolerance threshold is reaching its limit. Now, there is a good opportunity for buyers to respond to sellers, and this could mark the beginning of a corrective uptrend.

It is believed that this rise will be part of a zigzag, a common corrective pattern, and will likely be followed by a downward movement afterward. Thus, it makes sense to seize this opportunity and open buy trades at the current market levels.