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12.02.202411:02 Forex Analysis & Reviews: EUR/USD wave analysis on February 12: What to expect for the new trading week?

Exchange Rates 12.02.2024 analysis

In the medium-term perspective, the EUR/USD pair is forming an extended correction (B), taking the form of a double zigzag W-X-Y. Sub-waves W and X are already fully completed, while the final active wave Y is still developing.

The active wave Y has a complex form of a double zigzag [W]-[X]-[Y]. The first active wave [W] is completed in the form of a double zigzag (W)-(X)-(Y). The second corrective connecting wave (X) is still ongoing. It also has a complex form of a double zigzag (W)-(X)-(Y).

The currently forming active wave (Y) consists of three sub-waves—W-X-Y—two of which are already constructed. Soon, we may observe the development of the active wave Y. For its full completion, an impulse sub-wave [C] is required, marked in green.

There is a high probability that the price will decline to the previous low of 1.0718. Then, the market is expected to reverse. As of now, the market is anticipated to move according to the plan without sharp changes.

Trading recommendations: Sell at 1.0782, take profit at 1.0718.

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Roman Onegin,
Analytical expert of InstaSpot
© 2007-2024
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