Elliott waves analysis – EUR/USD. The price remains within the confines of a forming ending diagonal triangle.

No significant changes have occurred in the market since the last review. The price partially confirms previously considered scenarios, but it is not time to relax. At any moment, the market can spring an unpleasant surprise.

But for now, everything is going according to plan, so let’s continue to analyze the situation from this perspective. Presumably, there is currently a development of wave v of v, which takes the form of an ending diagonal triangle. In this model, wave [3] formed during the last trading session, after which the price began to slowly decline. It is thought that this trading week will start with a decrease as part of the development of wave [4]. The target of this movement is the lower boundary of the channel within which the ending diagonal triangle is forming.

There is not much room for maneuver, so it is recommended to skip this movement. Moreover, the subsequent growth, intended to complete the entire model, is likely to be insignificant. Thus, adopting a wait-and-see strategy outside of any trading positions is currently the most optimal trading decision.