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EUR/USD. The probability of further decline remains quite high.

EUR/USD. The probability of further decline remains quite high. | 19 January 2024

19 January 2024, EUR/USD

EUR/USD. The probability of further decline remains quite high.

The price indeed refrained from declining further and attempted an upward move. A retest followed, but not of the level marked by the red horizontal line, rather at the lower boundary of the channel within which the pair traded for some time.
It seemed like everything was set for a downward move to form the next waves of the descending structure. However, the price is once again attempting to rise. Perhaps, this signifies the continuation of the local correction, and ultimately, the price may still move downward in the presumed wave iii.
In this situation, it is recommended to consider opening sell positions when the current local minimum is breached.
Investment idea: Sell at 1.0845, stop loss at 1.0870, take profit at 1.0750.

Bob Stan
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