Elliot Wave Formation: EURUSD Enters Correction Phase

The EURUSD surged in trading on Friday (April 11, 2025) reaching 1.15736, marking the highest level since February 2022. On the 1-hour chart, the pair appears to be starting a correction, especially with the Stochastic indicator moving downwards and yet to enter the oversold territory, indicating there is still substantial room for correction.

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On the 15-minute chart, the EURUSD has formed an Elliot Wave pattern and has completed the fifth wave. Consequently, it is now entering a correction phase. As long as the price remains below 1.14100, EURUSD has the potential to drop to 1.12460.

Technical References: Sell while below 1.14100
Potential Take Profit 1: 1.12560
Potential Take Profit 2: 1.2540
Potential Stop Loss 1: 1.14100
Potential Stop Loss 2: 1.14300