Elliott waves analysis – EUR/USD. The market is complicating things once again.

As expected, the price used the previously broken inclined level as support and attempted to rise. However, barely had the local maximum been updated when something that often happens occurred. A reverse movement began, and the exchange rate returned to the starting point of this movement, threatening to fall even lower.

At the moment, all of this looks like a formed upward impulse on a smaller time frame, which is part of wave iii, followed by a corrective decline. Then the price may drop a little more before starting to rise again, realizing the considered wave scenario.