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EUR/USD. Bearish Sentiment Persists.

EUR/USD. Bearish Sentiment Persists. | 06 February 2024

06 February 2024, EUR/USD

EUR/USD. Bearish Sentiment Persists.

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.
Bob Stan
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