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EUR/USD. Correction Expected.

EUR/USD. Correction Expected. | 17 July 2024

17 July 2024, EUR/USD

EUR/USD. Correction Expected.

The wave structure has undergone some revisions. It is likely that the upward impulse has already formed and is part of wave 1 of a higher time frame impulse. In this case, the current pause in the directional movement could be part of a developing correction.
This correction will be wave 2 and will likely take some time to play out. This week will likely be spent on this corrective phase, so with the price near its highs, it is advisable to consider selling opportunities.
The price is likely to retrace to the middle of wave 4.
Investment idea: sell at 1.0900, stop loss at 1.0925, take profit at 1.0825.

Bob Stan
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