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EUR/USD: Preparing for Another Bearish Wave.

EUR/USD: Preparing for Another Bearish Wave. | 18 June 2024

18 June 2024, EUR/USD

EUR/USD: Preparing for Another Bearish Wave.

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
Bob Stan
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