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Wait | 09 January 2023

09 January 2023, EUR/USD

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Wave Analysis

EURUSD appears to be forming an impulsive 5-wave pattern, the current is at impulsive wave III, I expect a correction to the downside to complete to wave iv followed by an impulsive move to the upside. For Buy orders, we wait for a clear confirmation that is if the correction from major wave III, that is at 1.06448 to wave IV which is approximately around 1.0600 will be in form of a double top or falling wedge, if this doesn't happen then we wait for the price to break above wave III we buy, placing our take profit at 1.07521 and stop loss at 1.06252.

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Bob Stan
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