EUR/USD. The situation remains unclear. | 03 July 2024

The situation continues to be uncertain. On one hand, the price managed to break above the upper boundary of the presumed final diagonal triangle and is trying to consolidate there; on the other hand, the movement took a three-wave formation, which is a corrective structure. It could be the beginning of the development of an initial diagonal triangle, in which case buyers need to sharply increase their activity in the near future. This would result in a good retest of the broken level. However, if the price falls further, it will trigger a strong downward movement, updating the current minimum. In this situation, it is better to stay out of any trading positions and wait for a clearer wave pattern.