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EUR/USD. The situation has sharply changed again.

EUR/USD. The situation has sharply changed again. | 18 December 2023

18 December 2023, EUR/USD

EUR/USD. The situation has sharply changed again.

The past trading week turned out to be quite positive for the euro. The exchange rate rose significantly, approaching a local maximum. It seemed that the price would attempt to break through higher, but instead, we witnessed an unpleasant downward movement. Now it remains somewhat unclear what the market intended to convey with this.
It's possible that the upward impulse that started at the end of September completed with a truncated wave v, and the current decline marks the beginning of a deep correction or even a descending impulse.
Therefore, it is necessary to wait for confirmation of the seriousness of the price's intentions to move further down. In the near future, a corrective upward pullback may occur, after which the price will resume its impulsive decline.
Hence, it is recommended to wait for the appearance of a local minimum, which will subsequently serve as a level for a possible entry into sell positions.
Investment idea: flat.
Bob Stan
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