Elliott waves analysis – EUR/USD. Expected continuation of corrective growth.

The trading week ended unsuccessfully for buyers. The attempt to grow was harshly stopped, and the price rushed down. It seemed that the new trading week would start with a continuation of the downward movement. However, a gap occurred, and the price returned to the highs of the Friday trading session.

Now, the initiative is on the buyers’ side. The growth is likely to continue. This upward movement is due to the development of a correction that is becoming very similar to a double zigzag. The first part of this model, the connecting wave, has been formed, and now work is underway on the second part of this model.

Thus, in the near future, we expect a continuation of corrective growth, so it is worth considering the possibility of entering into buy transactions.