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EUR/USD. The Price Decides What to Do Next.

EUR/USD. The Price Decides What to Do Next. | 07 August 2024

07 August 2024, EUR/USD

EUR/USD. The Price Decides What to Do Next.

The price movement during the last trading day proceeded as expected. The euro, after a significant rise, began to retrace back. This is presumably due to the start of the corrective wave 2. Currently, there are two most likely scenarios for further developments:
The Correction is Complete: The correction might have already formed, taking the shape of a simple zigzag. If so, impulsive growth in wave 3 could resume from the current levels.
The Correction Continues: The correction could extend and take a more complex form. In this case, the price may decline further but will generally remain within a certain range, making sharp deceptive maneuvers.
A signal for renewed buying opportunities in this situation would be the break of the current local maximum established by the presumed wave 1. Until this happens, it is recommended to refrain from taking any trading actions.
Investment Idea: Flat.
Bob Stan
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