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EUR/USD. The price is being drawn into a corrective swamp.

EUR/USD. The price is being drawn into a corrective swamp. | 13 December 2023

13 December 2023, EUR/USD

EUR/USD. The price is being drawn into a corrective swamp.

The price, as anticipated, has indeed entered a corrective phase. During the last trading session, the Euro's value relative to the Dollar moved within a narrow price range, and at the moment, a zigzag pattern can be observed on the hourly chart. While it may seem to be a complete corrective formation, it is believed that it will become more complex. Therefore, in the near future, a directional movement is unlikely to be seen. However, if there is a new low below the minimum set by wave i, and the price does not immediately return to the correction range, it may indicate the beginning of the formation of wave iii.
For now, it is assumed that within the forming corrective wave ii, we will witness an increase to 50% or 61.8% according to Fibonacci. However, trading in the current situation is not recommended.
Investment idea: Flat.

Bob Stan
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