Alex Bobrov
⬤ EUR/USD just staged a solid rebound after bouncing hard off a major technical support area. The latest Elliott Wave chart shows price turning up decisively from that extreme zone, which tells us the bullish momentum is still very much in play. After the bounce, EUR/USD pushed firmly back into the right side of the structure, confirming the broader trend hasn't been broken despite the recent dip.
⬤ The euro's recovery kicked off near the lower edge of that highlighted extreme zone—right where the corrective move wrapped up. From there, EUR/USD accelerated higher, blowing through short-term resistance and putting in a clear impulsive move to the upside. The Elliott Wave labels suggest that dip was just a correction, not the start of some bigger bearish reversal. Price holding above key support around 1.1580 backs up the bullish sequence we're seeing on the chart.
⬤ Right now, the structure shows selling isn't the play—price is still sitting comfortably above the invalidation level. The chart points to a possible corrective pause around 1.1780 to 1.1800, but there's room for more upside if this bullish wave keeps rolling. The fact that price bounced so cleanly from the extreme area tells us downside pressure is fading, and we're now seeing higher lows form inside the broader uptrend.
⬤ This matters because EUR/USD is the most traded currency pair on the planet—it sets the tone for the entire forex market. When EUR/USD stays strong, it shifts dollar dynamics and ripples out into other major pairs and risk assets. This sharp bounce from a key technical extreme shows the euro's got some serious resilience, and bullish momentum is still running the show for now. As long as EUR/USD holds above those critical support levels, the focus stays on continuation, not collapse.
Alex Bobrov
