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EUR/USD. The Correction is Becoming More Complex.

EUR/USD. The Correction is Becoming More Complex. | 30 July 2024

30 July 2024, EUR/USD

EUR/USD. The Correction is Becoming More Complex.

The belief in the bullish scenario turned out to be misplaced. The euro failed to withstand the pressure and emerge victorious from the situation. Instead, the dollar strengthened and pushed the euro's price below the previously established local minimum. Thus, it seems that the scenario involving a double zigzag correction has been activated.
Currently, the price is expected to enter a sideways movement before resuming impulsive decline as part of wave y of 2. This development indicates that the correction has taken a more complex form, while still maintaining the status of the second wave of the anticipated emerging bullish impulse.
Given the high likelihood of the price fluctuating within a narrow range in the near future, it is not recommended to trade this instrument at this time.
Investment idea: flat.
Bob Stan
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