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EUR/USD. The ongoing rise is likely corrective.

EUR/USD. The ongoing rise is likely corrective. | 18 January 2024

18 January 2024, EUR/USD

EUR/USD. The ongoing rise is likely corrective.

The price movement during the last trading day precisely replicated the expectations schematically outlined on the chart. After a slight update of the local minimum, a bounce occurred, and the price started to rise. This could be related to an attempt to retest the previously broken lower boundary of the channel within which the pair had been trading for some time. However, it cannot be ruled out that the overall wave model, representing a zigzag, has been completed. In that case, the observed cautious rise may eventually transform into a strong impulsive movement.
For now, this is considered an alternative scenario. The primary scenario remains with an impulsive decline. Before that happens, the price is likely to rise and reach the level indicated on the chart by the red horizontal line, from which it may bounce off.
Until that moment, it is recommended to stay out of any trading positions.
Investment idea: Flat.
Bob Stan
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