Elliott waves analysis – EUR/USD. Development of the Third Wave of Upward Impulse.

The updated scenario with a simple zigzag is currently being confirmed. The previously formed impulse, identified as wave 1, was corrected by a minor decline during yesterday’s trading session, forming wave 2. Now, there is a cautious attempt to rise, which potentially represents the next wave 3 of the emerging upward impulse.

If this is the case, we can expect a strong and prolonged upward movement. The euro will aim to break all the highs visible in the screenshot.

Therefore, it is advisable to consider cautious buying at the current market levels.