Elliott waves analysis – EUR/USD. The downward impulse is nearing completion.

The price during the past trading day fully confirmed the expectations placed on it. After fluctuating for some time within a certain range, the downward movement resumed, leading to the update of the current local minimum.

This likely marked the beginning of the final wave 5 in the forming downward impulse. In this case, further downward movement may not be very prolonged, and a reversal and upward movement are close. Before that, there are likely a couple of waves left – a correctional wave and another impulsive wave. A minor correction has already begun, meaning the price will try to decline once more and complete the entire impulse structure today.

In this situation, it is worth considering closing previously opened sell transactions. Opening new ones is not recommended as the downward potential remains insignificant, and it is too early for purchases.