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EUR/USD. Formation of Correction Wave 4.

EUR/USD. Formation of Correction Wave 4. | 22 April 2024

22 April 2024, EUR/USD

EUR/USD. Formation of Correction Wave 4.

The price refuses to continue its decline, indicating a temporary ceasefire between opposing forces. In this case, we can expect a sideways movement, which could be quite extensive. This sideways movement may represent wave 4 in the forming downward impulse. Then, we might see another downward movement during which the final wave 5 will form. In this model, wave 5 should be the shortest since waves 1 and 3 are roughly equal in distance covered.
While the correction is unfolding, trading the considered pair is unlikely to be advisable. Therefore, it is recommended to observe the situation without entering trading positions.
Investment Idea: Flat.
Bob Stan
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