Elliott waves analysis – EUR/USD. Price is preparing for a reversal and impulsive growth.

The situation is fully developing within the current wave scenario. Apparently, the past trading week managed to complete the formation of a downward impulse, which is also wave C of a zigzag. One of the indirect signs of a possible reversal is the formation of long spikes at the very end of wave 5 development.

The structure also fits well into the five-wave structure. So there is every reason to expect a reversal in the price movement. The euro may jump up quite well in price, so it is worth considering the possibility of concluding buy transactions already at current market values.