Elliott waves analysis – EUR/USD. Price will form another bearish wave.

The pressure from sellers continued as expected. The price continued to decline and once again updated the local minimum. This movement is very similar to an impulse, in which two waves remain to be formed: corrective wave 4 and leading wave 5. Probably, we will see movements in accordance with these waves in the near future. The price will first rise slightly, then go down again and update the current minimum.

Thus, the development of the downward impulse is likely to be completed, and overall, it may become a zigzag. In this case, nothing prevents the price from reversing its movement vector and starting to rise. Moreover, this rise may turn out to be prolonged.

Therefore, it is already time to start thinking about closing previously opened sell transactions, but it is still worth trying to take one more wave of decline.