The short-term Elliott Wave analysis for EURUSD indicates an ongoing impulsive cycle that began on August 27. From that low, the pair has been advancing in a nested impulse structure. Wave ((i)) concluded at 1.1736, followed by a corrective pullback in wave ((ii)), which bottomed at 1.1605. The internal structure of wave ((ii)) unfolded as a zigzag pattern. Specifically, wave (a) declined to 1.161, wave (b) rallied to 1.1682, and wave (c) completed the correction at 1.1606, finalizing wave ((ii)) in the higher degree.
The pair has since resumed its upward trajectory within wave ((iii)). From the wave ((ii)) low, wave i peaked at 1.1682, with a subsequent dip in wave ii ending at 1.1627. Wave iii surged to 1.1759, followed by a wave iv pullback to 1.1689. The advance in wave v reached 1.178, completing wave (i) in the higher degree. A corrective wave (ii) followed, forming a zigzag that ended at 1.1658. The pair then resumed its ascent in wave (iii), with wave i reaching 1.1746 and wave ii correcting to 1.1698. In the near term, as long as the pivot low at 1.1606 holds, any dips should find support in a 3, 7, or 11 swing, signaling further upside potential.
EURUSD – 60 Minute Elliott Wave Technical Chart:
