Elliott waves analysis – EUR/USD. Resumption of Impulse Growth.

The price attempted to decline even further, but as soon as the local minimum was updated, buyers quickly stepped in, pushing the price back to more comfortable levels for them. It is possible that this decline completed the formation of the corrective wave 2, and the observed recovery attempt marks the beginning of an impulse wave 3.

If this scenario holds true, we can expect a strong impulsive movement. It is advisable to consider entering buy positions at current market levels, setting a protective stop-loss order near the low of the presumed wave 2. The target for this move could be around 1.1100 or higher.