Elliott waves analysis – The impulsive decline will continue.

The situation with the considered currency pair continues to unfold within the framework of the anticipated scenario. It is worth reminding that the formation of a relatively prolonged upward correction, taking the form of a triple zigzag, likely concluded at the highs of the past year.

Currently, the decline is attempting to take the form of an impulse, but at the moment, only waves 1 and 2 can be identified. Wave 3 is likely to stretch, and within it, a complete descending impulse of a smaller degree can also be observed.

Thus, in the near future, we are likely to witness the continuation of the pair’s decline, which will have an impulsive nature.