Elliott waves analysis – EUR/USD. The price attempts to resume its upward movement.

The price indeed reached the lower boundary of the ascending channel, within which a diagonal triangle formation is presumed to be taking place. This decline is viewed as corrective wave iv, taking the form of a flat pattern. An attempt to break out beyond the channel proved unsuccessful, resulting in a minor rise followed by a pullback.

Presumably, this marks the beginning of the formation of the final wave v within the mentioned diagonal triangle. A level is indicated on the chart, the breakout of which may serve as a signal to initiate buy positions.