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EUR/USD: Price Deciding on Direction.

EUR/USD: Price Deciding on Direction. | 07 June 2024

07 June 2024, EUR/USD

EUR/USD: Price Deciding on Direction.

During the past trading day, the developing wave pattern did not undergo any significant changes. The price essentially remained at the same levels, despite attempting to rise, which was quickly halted.
Doubts arise again regarding the potential for further impulsive growth. From the current levels, we could equally see a rapid impulsive rise in wave 3 of 3 or a decline driven by a corrective pullback, as considered in the scenario discussed two days ago.
Clarity will come with the breakout of the current local extremes. Therefore, it is recommended to observe the situation from the sidelines. If there are any open trading positions, keep them active but secure them by placing stop losses as close to the current market value as possible.
Investment Idea: Flat.
Bob Stan
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