EUR/USD: Correction Phase. | 10 June 2024
10 June 2024, EUR/USD
The wave scenario, which suggested the completion of the upward impulse with a very short wave 5 in the form of a terminal diagonal triangle, seems to have been correct. After completing this pattern, the price pulled back downward, attempted to recover, but eventually experienced a significant drop.
The euro has fallen sharply against the dollar. Currently, this movement is viewed as a correction in the form of a double zigzag. The first zigzag is complete, and a correction within a certain price range is expected in the near future. The anticipated price movement trajectory is outlined in the above chart.
Further downward movement is expected. While the euro attempts to respond adequately to the recent decline, trading in this pair is not recommended.
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.
