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We're buyers for now. | 29 May 2023

29 May 2023, EUR/USD

We're buyers for now.

EURUSD has indeed exhibited a bearish trend over the past few days. Additionally, it has formed a descending channel, extending from the commencement of the major impulsive wave (I) at 1.1089 to its current position at 1.0703. This formation aligns with a bearish reversal pattern. Moreover, the market has undergone an impulsive phase throughout recent weeks. However, based on the current chart analysis, the impulsive phase has concluded, and the market has transitioned into a corrective phase. Anticipating a shift in momentum, we expect the market to turn bullish, reaching a minimum target of our minor wave "a" at 1.0880.

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We're buyers for now.

Bob Stan
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