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EUR/USD. The market prefers to continue the corrective development.

EUR/USD. The market prefers to continue the corrective development. | 02 February 2024

02 February 2024, EUR/USD

EUR/USD. The market prefers to continue the corrective development.

The market seems to be entering a somewhat hysterical state, experiencing strong fluctuations in different directions. Such behavior is characteristic of corrective structures. Presumably, the current movement will continue as a correction driven by the formation of wave ii. It is possible that its form represents a flat correction. This explains the swift impulsive growth observed during the last trading session.
Today, we expect the continuation of the pair's upward movement, which will have an inertial character. Therefore, significant upward progress is unlikely. Following this, a reversal and a decline in the third impulsive wave are expected.
Since the movement's potential is insignificant, it is not recommended to open any trading positions in the near future.
Investment idea: Flat.
Bob Stan
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