EURUSD is unfolding a five-wave bullish impulse that indicates bottom in place from Elliott wave perspective.
EURUSD is in strong recovery mode since October 2022, clearly with an impulsive price action. Such a massive rally should be labeled as a five-wave bullish impulse, which actually confirms bottom in place.
Looking at the daily chart, we are tracking wave (5) or alternatively wave 3. Now that is nearing important 1.10 – 1.11 resistance area, we have to be aware of a higher degree corrective slow down. However, keep in mind that correction may come in play only if we see broken trendline connected from the lows.
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