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EUR/USD. Growth in Correctional Wave II.

EUR/USD. Growth in Correctional Wave II. | 12 December 2023

12 December 2023, EUR/USD

EUR/USD. Growth in Correctional Wave II.

The entire previous trading day was marked by indecisive attempts to either rise or fall. The price cannot determine the direction of further movement, indicating a corrective phase. It is believed that this is the formation of wave II, which may take the form of a simple zigzag.
During the next trading day, or possibly tomorrow, the price is expected to start rising. The target of this upward movement could be the 50% Fibonacci retracement level, but reaching 61.8% cannot be ruled out.
Therefore, initiating buy trades above the local maximum at 1.0780 seems to be a promising trading decision.
Investment idea: Buy at 1.0780, stop loss at 1.0755, take profit at 1.0860.

Bob Stan
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