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EUR/USD. Price Expected to Decline.

EUR/USD. Price Expected to Decline. | 06 August 2024

06 August 2024, EUR/USD

EUR/USD. Price Expected to Decline.

The euro made further efforts and managed to improve its position, setting a new high that surpassed the presumed wave 1 peak. However, this was immediately followed by a response from the dollar. The buyers' activity was quickly dampened, and the pressure on the price led to a pullback. This appears to be just the beginning of the corrective decline.
In the near future, another wave of selling is expected, leading to a deeper pullback. It is anticipated that the overall correction will take the form of a zigzag, with its possible trajectory schematically indicated on the provided chart.
Given the current situation, it is worth considering the possibility of entering short positions at the current market prices. Often, explosive movements quickly reverse direction.
Investment idea: sell at 1.0950, stop loss at 1.0970, take profit at 1.0900.

Bob Stan
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