Elliott waves analysis – EUR/USD. The correction may take the form of a flat and soon come to an end.

The price continues its aimless wandering, forming a sideways movement, likely representing wave ii. In terms of its structure, it closely resembles a flat. It is possible that the final part of this flat, which takes the form of an impulse, is currently developing.

If that’s the case, the price will likely rise a bit more, after which a reversal will occur, and a downward movement will begin. In connection with this, it is still advisable to remain a neutral observer of the situation. Sell signals will start to emerge when the price breaks and consolidates below the previously mentioned level, around 1.0875.

Until that moment, the price may remain in this sideways movement for an extended period.