Elliott waves analysis – EUR/USD. Another attempt at reversal.

The current situation is seen as the development of a correction, which takes the form of a double zigzag. Therefore, another downward wave was expected to develop, aiming to complete wave c of y. However, as soon as the local minimum was updated, buyers became active, leading to what seemed like a minor increase. It is possible that this signaled a reversal, and this still weak upward movement could be the beginning of a prolonged upward impulse.

In that case, upon the update of the local maximum around 1.0735, we can consider the possibility of entering buy positions.