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EUR/USD. Likely Formed a Simple Zigzag.

EUR/USD. Likely Formed a Simple Zigzag. | 20 June 2024

20 June 2024, EUR/USD

EUR/USD. Likely Formed a Simple Zigzag.

The scenario involving a double zigzag correction appears to be incorrect. The market seems to have been sufficiently corrected by a simple zigzag. The waves fit well within this corrective model, with two downward impulsive waves, a and c, and a zigzag in wave b.
The subsequent rise looks impulsive, possibly indicating wave 1 of an emerging upward impulse. If this is indeed the case, we can expect a decline in the near future, driven by the development of corrective wave 2. After this, the price is expected to rise again, with the movement likely being strong and sustained.
Therefore, in the current situation, it is recommended to wait for the completion of the corrective decline in wave 2 and prepare for a possible start of impulsive growth.
Investment Idea: Flat.
Bob Stan
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