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Wait | 31 July 2023

31 July 2023, EUR/USD

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EURUSD is experiencing a significant decline as it follows the path of the major impulsive wave "V" from the level 1.1275. The market sentiment is very bearish at the moment. Our projection is for the market to continue its downward movement, potentially reaching as low as 1.0667, which serves as the next Support zone, identified as our minor wave "a". Following this expected drop to the support zone, we anticipate a bullish reversal in the EURUSD, at least up to the resistance zone at 1.0837. This resistance zone is considered our target for the completion of the minor corrective wave "b".

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Bob Stan
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