30 May 2023, EUR/USD
EURUSD has formed a double-bottom pattern at 1.0704, which typically indicates a bullish signal. Currently, the pair is in a corrective phase, following an ABC corrective pattern. The formation of a double bottom suggests that market participants are likely to buy the currency pair. Based on this analysis, I anticipate the price to rise from its current level of 1.0704, reaching a minimum target of our minor wave at 1.0803. Afterward, a slight correction is expected to occur, represented by our minor corrective wave b, with a projected level of 1.0754. To take advantage of this potential upward movement, you may consider placing buy orders. Set your take profit level at 1.0803, which aligns with our target for the minor wave a, and set your stop loss at 1.0696, allowing for a buffer in case the price moves against your position.
Trade Recommendations:
We're short
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