EUR/USD. The price is choosing a direction. | 08 July 2024

After a good upward movement, the price is trying to consolidate at the reached levels. The dollar's response in the form of increased pressure is being subdued, indicating a strong intention for the price to continue rising, but a sideways movement might form first. Overall, the situation remains unclear. The movement could represent either a simple impulse or an impulse with an extending third wave. In the first case, the growth might be complete, and the price could either start to decline or experience a deep pullback. The second scenario suggests further impulsive growth. In the near future, the situation will likely become clearer. For now, it is recommended to stay out of the market and observe the developments.