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EUR/USD. The price is ready to continue declining.

EUR/USD. The price is ready to continue declining. | 23 January 2024

23 January 2024, EUR/USD

EUR/USD. The price is ready to continue declining.

The repeated attempt to overcome the level that previously served as support, now acting as resistance, turned out to be unsuccessful, as anticipated. The price has once again started to slide downward. This pattern has occurred before. Cascade movements are accompanied by a prolonged stagnation within a certain range, followed by a quick and brief breakthrough.
In the near future, the formation of such a breakthrough is expected. This is driven by the downward movement in the development of the impulse, where wave iii is elongated.
Considering this, you may try to initiate sell positions at current market values. An even more convincing signal would be the breakthrough of the level of support indicated by the red horizontal line.
Investment idea: Sell at 1.0875, stop loss at 1.0900, take profit at 1.0750.

Bob Stan
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