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EUR/USD. Development of the Correctional Phase Continues.

EUR/USD. Development of the Correctional Phase Continues. | 23 July 2024

23 July 2024, EUR/USD

EUR/USD. Development of the Correctional Phase Continues.

The situation during the past trading day has seen almost no changes. The price remains at the same levels as before. Such trading behavior in the near term was quite expected, driven by the development of a corrective wave, likely forming a zigzag pattern. Within this zigzag, wave a has already been identified, and currently, wave b appears to be forming.
For the completion of its development, buyers may attempt a sharp rally, followed by a similarly sharp decline, driven by the formation of the final part of the correctional model.
Given these potential fluctuations, it is recommended to continue staying out of any trading positions at this time, awaiting a more favorable opportunity to enter a trade.
Investment idea: flat.
Bob Stan
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