EUR/USD: the euro could take a dip on the forex before it resumes its climb (Goldman Sachs)

Goldman Sachs maintains a bullish target on the EUR/USD at 1.1530 but notes an initial downside risk pointing towards 1.13.

"The EUR/USD is approaching the target of wave 3 at 1.1530.

This threshold of 1.1530 is the minimum target of the projection of the wave since the January low. This will be an important area to watch for a possible top (once reached).

A possible wave 4 should at least retrace 23.6% of the movement since February, which from 1.1530 amounts to 1.1286. In theory the pair could consolidate several weeks before continuing the underlying trend. As is often the case, Wave 4 may take some time to form.

We are watching a short-term top ahead of 1.1530. A wave 4 could retrace back to 1.13 and could last several weeks before a recovery of the uptrend."

Please note: 4 July is a major holiday in the USA (Independence Day). This will be an extremely slow day to trade. Day trading is a big waste of your time!