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EUR/USD. Issues with directional movement again.

EUR/USD. Issues with directional movement again. | 01 July 2024

01 July 2024, EUR/USD

EUR/USD. Issues with directional movement again.

There are issues with directional movement again. Just as buyers had things going well, sellers quickly stepped in, pushing the price down by half of the formed upward wave. There is still a chance that this decline is a retest of the previously broken boundary of the triangle within which the final diagonal was forming. If this is the case, the upward movement will resume and can still be considered an impulsive movement, followed by the next corrective movement. However, if the price falls further, then it is highly likely that we will see an impulsive move in the downward direction, updating the current lows. In this situation, it might be best to stay on the sidelines and observe how events unfold, making decisions based on updated information.
Investment idea: Flat.
Bob Stan
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