EUR/USD. The price is being drawn into a corrective swamp. | 13 Diciembre 2023
13 Diciembre 2023, EUR/USD
The price, as anticipated, has indeed entered a corrective phase. During the last trading session, the Euro's value relative to the Dollar moved within a narrow price range, and at the moment, a zigzag pattern can be observed on the hourly chart. While it may seem to be a complete corrective formation, it is believed that it will become more complex. Therefore, in the near future, a directional movement is unlikely to be seen. However, if there is a new low below the minimum set by wave i, and the price does not immediately return to the correction range, it may indicate the beginning of the formation of wave iii.
For now, it is assumed that within the forming corrective wave ii, we will witness an increase to 50% or 61.8% according to Fibonacci. However, trading in the current situation is not recommended.
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.
