EUR/USD. Bearish Sentiment Persists. | 06 February 2024
06 February 2024, EUR/USD
The price continued to decline, confirming the earlier hypothesis. However, expecting further continuation during today's trading session is unlikely. It is probable that the formation of wave [1] in the emerging downward impulse has completed. Therefore, in the near future, we may witness a corrective rise in the form of a zigzag. The potential price movement trajectory is indicated on the provided chart.
Thus, the overall bearish sentiment persists, with periodic bursts of activity from buyers leading to some corrective movements.
It is advisable to partially close previously opened selling positions for now. Opening new positions should be considered after the completion of the current presumed corrective cycle, driven by the development of wave [2].
Investment idea: Flat.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
