Elliott waves analysis – EUR/USD. Further price decline is expected.

After successful activity from sellers, which led to a new low, buyers responded, quickly regaining half of their lost positions. This is likely the limit of the euro’s strength, as this rebound is seen as a correction in an emerging downward cycle driven by the development of wave 3 of a bearish impulse.

Today, the price will resume its downward movement, albeit less vigorously. Near the established local low, a brief pause is expected, followed by a further downward break.

This situation allows for opening sell positions at current market values, so it’s worth considering this opportunity and trying to enter positions at potentially favorable prices.