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EUR/USD. Zigzag correction development is in the final stage.

EUR/USD. Zigzag correction development is in the final stage. | 01 November 2024

01 November 2024, EUR/USD

EUR/USD. Zigzag correction development is in the final stage.

Overall, the situation with the pair under review did not undergo any significant changes over the past day. The euro has been persistently trying to grow and is gradually climbing higher and higher. Occasionally slipping, but managing to rectify its mistake in time, the price moves upwards, probably forming a correction that appears as a simple zigzag.
Based on the current picture, it can be assumed that the indicated correctional model is already formed. Indeed, there is a zigzag on the chart, but there is a feeling that it is not yet completely formed, which means the price may rise even further.
For this reason, previously opened buy positions are recommended to be held, possibly moving the stop loss under the nearest local minimum. Opening new positions in this situation is not appropriate.
Investment idea: flat.
Bob Stan
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