Wait | 23 May 2023

23 May 2023, EUR/USD

Wait

EURUSD has been consolidating since the beginning of this week, indicating a corrective phase in the market. The price has not yet completed the formation of the corrective minor wave "b". Our target for the minor corrective wave b remains at 1.0785. We anticipate the price to decline towards this zone (1.0785), where we expect a bullish reversal pattern to form, possibly a double bottom. Following the pattern confirmation, our plan is to enter buy trades with a target set at 1.0927, which corresponds to our minor corrective wave c target. We will exercise patience and wait for the market to provide us with a buy confirmation signal before initiating any buy trades.

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Bob Stan
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