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EUR/USD. The price is forming an ascending correction.

EUR/USD. The price is forming an ascending correction. | 25 January 2024

25 January 2024, EUR/USD

EUR/USD. The price is forming an ascending correction.

The euro managed to launch a successful counterattack, first halting the threatening downward movement and then quickly turning the situation in its favor, fully returning to the starting point. As a result, the initiative has completely shifted to the side of buyers.
The rise is presumed to be of a corrective nature and is driven by the development of wave ii in the emerging descending impulse. Before further upward movement, the price may spend some time within a specific narrow range. The subsequent rise is expected to be the final wave of a zigzag.
Currently, these are assumptions, and there is no indication of any directional movement in the near future. It is recommended to stay out of the market and observe the developments from the sidelines.
Investment idea: flat.
Bob Stan
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