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EUR/USD. Weekly chart suggests further appreciation of the Euro.

EUR/USD. Weekly chart suggests further appreciation of the Euro. | 05 December 2023

05 December 2023, EUR/USD

EUR/USD. Weekly chart suggests further appreciation of the Euro.

The weekly chart in EUR/USD represents a conglomeration of series of three-wave combinations. In this cluster, only two impulses are currently visible, and they are part of a simple zigzag. The period from July 2007 to the present day seems to be corrective and constitutes a triple zigzag, which, by the way, is already completed.
The uptrend that began in early October 2023 may play the role of both an ascending impulse and a correction. Both of these scenarios suggest further price growth. However, a slight decrease may occur from the current values for the considered timeframe, followed by a move towards the local maximum established by wave b of z.
Bob Stan
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