Elliott waves analysis – EUR/USD. The price will try to continue the upward movement.

Buyers managed to achieve some success. The price rose, but remained within a range that currently looks somewhat uncertain. The thing is, the current situation can be viewed from two perspectives. From one perspective, the development of an initial diagonal triangle is assumed, in which the fifth wave is currently being formed. From another perspective, all this could turn out to be a correction, which is the fourth wave in a downward impulse, and then, upon its completion, we will see a decline that will update the current low.

Both options suggest growth in the near term. Therefore, it is worth considering the possibility of buying and transferring the protective stop loss to the break-even zone when the position becomes profitable. This way, you can participate in a possible impulsive growth if the market chooses this scenario, and protect yourself from losses in case a decline begins.