Elliott waves analysis – EUR/USD. The Euro Attempts to Recover.

Throughout the past trading day, efforts were made to stabilize the situation. Buyers managed to dampen the selling pressure, resulting in a slight increase in price, but there was still a retracement back to the previously established lows.

Overall, the developing picture could either represent the third wave of a downward impulse, in which case the price would continue to decline impulsively after a minor correction or sideways movement, or it could be a zigzag pattern that is already formed, with the price working on a prolonged upward movement.

Regardless, I would recommend buying on the breakout of the local maximum formed during the previous trading session.