Elliott waves analysis – EUR/USD. Price Takes a Small Pause.

The euro made another leap, managing once again to update the local maximum. However, it lacked the strength to reach the minimum target zone located at the level of 1.1000. The dollar reacted promptly to this activity. As a result, we are currently witnessing a retracement.

Presumably, this is how the corrective wave [4] is forming. Therefore, in the near future, it is unlikely that we should expect any directional movements. The price may begin to consolidate within a certain price range.

In light of this, previously opened positions are recommended to be closed.