Elliott waves analysis – EUR/USD. US elections have a strong impact on the situation.

The main driver of market movements in the near future appears to be the US presidential elections. As data comes in, the price will actively move in one direction or another. A strong rise can suddenly turn into an equally strong decline, or vice versa. This unpredictability does not bode well for traders, so it is recommended to avoid active trading for the next trading day.

For the pair under consideration, there is a sharp decline, with the possibility of a correction in the form of a simple zigzag with a final diagonal triangle. However, just as the price has fallen sharply, it can rise just as sharply, misleading and confusing us all.

Therefore, it is recommended to observe the situation without any active trading positions.