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Wait | 16 May 2023

16 May 2023, EUR/USD

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EURUSD is currently in a corrective phase, following the ABC corrective pattern. By referring to the chart above, it is evident that the market has formed a descending channel from the beginning of the major impulsive wave (I) at 1.1090 to the end of the impulsive wave (V) at 1.0844. This pattern typically signifies a bullish reversal, indicating a potential shift in market trend from bearish to bullish soon. I anticipate the market to rise up to 1.0921 (minor wave a), followed by a slight drop to 1.0844 (minor wave b), before resuming its upward movement to at least 1.0971, thus completing the corrective pattern.

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Bob Stan
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