Elliott waves analysis – EUR/USD. The downward correction seems to be continuing.

The dollar has effectively subdued buyers‘ enthusiasm by pressing its opponents and managing to update the current minimum. This significant change affects the considered wave scenario. It’s possible that the correction, which may still be ongoing, represents a double zigzag.

The observed decline during yesterday’s trading is presumed to be an impulse and simultaneously a wave s of y. Therefore, in the near future, the price will likely continue to decline and once again update the current minimum.

It’s also worth noting that the situation is quite complex, with price movements characterized by sharp upward swings, as evidenced by wave x, which turned out to be convoluted and difficult to perceive.

Regardless, in the current situation, it’s advisable to await the completion of the presumed correction’s development. In the event of a reversal and the beginning of an impulsive rise, opportunities for purchases should be sought.