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EUR/USD. The price will continue forming a corrective wave.

EUR/USD. The price will continue forming a corrective wave. | 05 January 2024

05 January 2024, EUR/USD

EUR/USD. The price will continue forming a corrective wave.

The situation with the considered pair is unfolding as expected. After forming a descending impulse, the price started to rise, apparently within the framework of a correction. The development of wave ii in the descending impulse is anticipated.
At the moment, half of the specified correction has been formed, indicating that its continuation can be expected in the near future. It is recommended to close previously opened long positions. Opening new positions is not advisable, as the corrective structure may "paint" a complex wave pattern, making erratic movements.
The next trading decision is expected to involve selling within the decline of the third wave.
Investment idea: flat.
Bob Stan
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