⬤ EUR/USD has kicked back into gear after wrapping up a corrective pullback, following the Elliott Wave scenario laid out earlier this month. The forecast called for a double correction structure, with price expected to dip into the 1.1605–1.1511 zone before buyers stepped back in. The correction bottomed at 1.1575, right within the projected support area, and the pair reversed sharply from there—confirming that buying interest was waiting exactly where the analysis suggested.
⬤ The Elliott Wave labeling shows the pullback played out as a corrective move rather than a reversal, keeping the broader bullish structure intact. From the 1.1575 low, EUR/USD pushed higher and created distance from the correction zone, allowing traders in long positions to reduce risk as the market advanced. The updated wave count indicates the correction is complete and the pair is now in the early stages of a fresh rally phase.
The corrective decline concluded at a 1.1575 low, which fell within the anticipated support region highlighted in the forecast.
⬤ With the current wave structure unfolding as expected, the outlook favors continued upside momentum toward 1.19 and potentially beyond. The fact that EUR/USD respected the projected correction zone and resumed its trend strengthens confidence in the underlying Elliott Wave framework.
⬤ This setup matters for forex traders because it demonstrates how EUR/USD honored key technical levels and picked up where it left off after consolidation. When a market bounces from a forecasted zone and continues its primary trend, it validates the structural analysis and supports expectations for sustained directional movement. Elliott Wave analysis proved useful here in distinguishing between temporary pullback and actual trend reversal during the correction phase.
