Elliott waves analysis – EUR/USD. Expectations for an impulsive decline in the pair persist.

The price attempted to resume the impulsive decline, but the euro vehemently opposed this idea, halting the movement and attempting to rise. Currently, all movement is within a narrow price range and is considered a continuation of the presumed corrective wave [2].

Therefore, after another small wave of growth, a reversal may occur, initiating the expected impulsive decline driven by the development of wave [3] of the descending impulse.

Selling in this case is recommended upon a breakout of the same local minimum established by wave [1].