EUR/USD. The Market Continues to Develop a Correction. | 02 August 2024
02 August 2024, EUR/USD
Buyers have encountered difficulties in resuming the upward impulsive movement. Their hesitation was exploited by their counterparts, leading to another step down on the descending path. This price movement aligns well with the expected development of the correction, likely taking the form of a double zigzag in wave 2.
In this scenario, the price may decline slightly more before reversing and starting an impulsive upward movement in wave 3. It is also possible that the rise could begin from the current levels. In any case, it is advisable to wait for confirmation in the form of a bullish wave and then attempt to enter buy trades on the subsequent pullback.
Until then, it is best to observe the market developments and stay out of any trading positions.
Investment idea: flat.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
