EUR/USD. Uncertainty Persists. | 16 April 2024
16 April 2024, EUR/USD
The price did not take the opportunity to take a breather and stretch the correction that began at that moment over time. Immediately after a minor retracement wave, the downward movement resumed, and the local minimum was again updated.
It is possible that this marks the completion of the development of wave 1 of 3 in the downward impulse. This scenario suggests further significant weakening of the euro against the dollar. In this case, the price may slightly rise in the near future, starting to develop corrective wave 2, and then resume moving downward.
The second scenario involves the completion of this downward cycle in the form of a zigzag. In that case, a reversal and upward movement would be aimed at updating the maximum, which is the beginning of the presumed diagonal triangle.
Thus, it is not recommended to rush into making any trading decisions at the moment. It is necessary to wait for clarification of this situation.
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.
