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EUR/USD. The price is once again entangled in a sideways movement.

EUR/USD. The price is once again entangled in a sideways movement. | 22 January 2024

22 January 2024, EUR/USD

EUR/USD. The price is once again entangled in a sideways movement.

Just as it emerged from one horizontal correction, the price seems to have entered another one, very similar in nature, where trading occurs within a specific price range. The upper boundary is the previously broken lower boundary of the previous sideways movement. Currently, the price is attempting to touch it for the second time. It is expected that there will be another rebound, and a downward trend may begin.
However, there are no clear prerequisites for this at the moment. Therefore, it remains to wait and observe how events will unfold further. A breakthrough of the indicated red horizontal line level may serve as a signal for selling. Currently, this is the only reference point for entering into any trading transactions. The decline is anticipated within the framework of the development of wave iii of the descending impulse, which may start to elongate.
Investment idea: Sell at 1.0845, stop loss at 1.0875, take profit at 1.0700.

Bob Stan
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