EUR/USD: Preparing for Another Bearish Wave. | 18 June 2024
18 June 2024, EUR/USD
The euro is cautiously rising against the dollar, fitting well within the wave scenario suggesting a correction in the form of a double zigzag. The first part of this complex corrective structure has already formed, and now the final waves are likely being developed.
From the current price levels, an impulsive decline forming wave c of y could begin. However, the euro might resist a bit longer, delaying the decline.
Therefore, it's recommended to wait for a downward movement and the formation of a corrective pullback. Enter sell positions upon the break of the newly formed local minimum.
Investment Idea:Sell: 1.0710Stop Loss: 1.0725Take Profit: 1.0630
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.
