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EUR/USD. Development of wave b of a simple zigzag is underway.

EUR/USD. Development of wave b of a simple zigzag is underway. | 05 April 2024

05 April 2024, EUR/USD

EUR/USD. Development of wave b of a simple zigzag is underway.

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.
Bob Stan
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