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EUR/USD. The Formation of Corrective Waves Has Begun.

EUR/USD. The Formation of Corrective Waves Has Begun. | 19 July 2024

19 July 2024, EUR/USD

EUR/USD. The Formation of Corrective Waves Has Begun.

Buyers had just enough strength to slightly exceed the previously established maximum, which is barely noticeable on the chart. Nonetheless, a new maximum was set. Immediately after this, the price moved in the opposite direction, indicating the start of a correction.
Given the previous significant and prolonged upward impulse growth, it can be assumed that the pullback will be equally strong, or we might see a sideways movement stretched over time. In any case, the price will likely remain at previously traded levels for some time, and we won't see any directional movement.
Therefore, it is recommended to wait for the corrective pullback, which was already initiated by the bearish wave yesterday, and then open sell trades.
Investment idea: sell 1.0915, stop loss 1.0935, take profit 1.0850.
Bob Stan
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