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EUR/USD. Wedge development continues.

EUR/USD. Wedge development continues. | 09 December 2024

09 December 2024, EUR/USD

EUR/USD. Wedge development continues.

The euro still cannot achieve any significant gains. Each attempt to rise leads to a strong reaction from the opposing side, resulting in a pullback. Currently, this type of movement is attributed to the development of an initial diagonal triangle. However, it cannot be ruled out that what we are seeing is the fourth wave in a downward impulsive movement.
The diagonal triangle scenario currently appears preferable, and after another pullback, a protracted upward impulsive growth is expected. Entering any trade positions at this point is not recommended, and previously opened buy trades should either be closed or transferred to break-even.
Investment idea: flat.
Bob Stan
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