EUR/USD. Development of wave b of a simple zigzag is underway. | 05 April 2024
05 April 2024, EUR/USD
The beginning of the past trading day, as expected, remained in favor of the euro. The price continued to rise and updated the local maximum, completing the formation of the first part of the correction, presumably taking the form of a simple zigzag. This was followed by a movement in the opposite direction, marking the beginning of wave b development. Going forward, a decrease in volatility and price wandering in a narrow price range are expected. Thus, wave b will continue to form. In light of this, it is not recommended to undertake any trading actions.
It is necessary to wait for the resumption of growth in wave c of 2 and look for opportunities to enter into buying trades in the possible upward movement.
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.
