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EUR/USD. Corrective decline expected.

EUR/USD. Corrective decline expected. | 15 July 2024

15 July 2024, EUR/USD

EUR/USD. Corrective decline expected.

The euro has grown as expected, approaching the high established in May of this year. However, buyers may lack the strength to break this peak. It appears that the extended wave 3 in the formed upward impulse has completed its development. The next step for the price, in this case, is a corrective decline to form wave 4. The anticipated price movement trajectory for the near future is indicated on the chart.
Therefore, in the near future, a corrective decline is expected, driven by the formation of wave 4. As such, it is recommended to enter sell trades with small targets.
Investment idea: sell at 1.0880, stop loss at 1.0900, take profit at 1.0820.

Bob Stan
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