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We're waiting for a bearish correction

We're waiting for a bearish correction | 17 July 2023

17 July 2023, EUR/USD

We're waiting for a bearish correction

EURUSD is currently experiencing an impulsive phase, with the market situated at major impulsive wave "III" at 1.1245. Our analysis suggests the potential formation of a bearish reversal pattern in this zone, possibly a double top. Following this pattern, we anticipate a corrective drop in the form of a descending channel, targeting the level of 1.1022, which we have identified as major wave "IV". We will exercise patience and wait for the confirmation of the double top formation before considering any sell trade entry.

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We're waiting for a bearish correction

Bob Stan
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