Elliott Wave Analysis: EURUSD Recovery

Good day traders! Today’s focus is on EURUSD.
Price turned sharply higher in the last couple of days on EURUSD and breached nicely above the first swing high of wave iv) at 1.1777 level, so we see current rally as an early evidence of a completed three-wave correction and a minimum three-wave recovery to be in progress. That said, once first wave i finds a top a new temporary correction into the following wave ii may come in play, before market rallies even further, ideally into wave 5 towards 1.2.

EURUSD, 4H
postimage1 /