EUR/USD. Correction in the Fourth Wave Continues. | 23 April 2024
23 April 2024, EUR/USD
As anticipated, the situation has begun to stabilize. Activity from both sides has decreased, and the price is increasingly consolidating within a specific range. This pattern likely indicates the formation of a correction, which serves as the fourth wave in the downward impulse. It appears to be taking the form of a double zigzag.
If this is indeed the case, we can expect a mild upward movement in the near future, aimed at completing the development of this pattern. Subsequently, the downward trend is likely to resume, forming the final fifth wave within the considered impulse.
Therefore, trading is not recommended while the price remains within this range. It's advisable to wait for the completion of the correction before making any trading decisions.
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