Elliott waves analysis – EUR/USD. Development of Correctional Wave [4] Likely to Continue.

The situation with the considered pair is evolving as expected. After swiftly updating the local minimum, the price began to decline, presumably forming a correction. More precisely, we are likely witnessing wave [4].

At the moment, it is unlikely that we can conclude that this correction is complete, even though the price may attempt to rise. There is a high probability that the current trading day will continue the development of the correctional structure, which will be more complex than a simple zigzag.

Therefore, there is no recommendation to enter into any trading deals at this time.