FX.co ★ EUR/USD

Hello traders, The analysis of the EUR/USD currency pair at a lower wave level (H1 chart) shows that quotes are approaching the resistance lines of ascending channels. However, the descending "entry" wave has not yet been formed. On the daily chart (Daily), the MACD histogram has already crossed into the positive zone, signaling the achievement of the necessary minimum to complete the upward correction. Thus, a comprehensive multi-timeframe analysis based on Elliott Wave Theory (EWA), MACD indicator readings, the positioning of Smoothed exponential moving averages (periods 55, 89, 144), as well as an assessment of the probability of implementing technical and wave models, indicates the following main scenario: Currently, the formation of an upward structure is completing. After updating Friday's high (1.1741), the end of the current upward correction is expected, followed by a resumption of the global downtrend.