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EUR/USD. The situation has changed dramatically.

EUR/USD. The situation has changed dramatically. | 24 January 2024

24 January 2024, EUR/USD

EUR/USD. The situation has changed dramatically.

The scenario may undergo significant changes. The price sharply broke through the support level, updating the local minimum. However, it failed to consolidate at these new values. A reversal movement has begun, which potentially could be quite strong.
It's possible that the downward movement was influenced by the development of a converging bearish leading diagonal triangle, forming wave i. The observed rise is a correction and is likely to take the form of a zigzag, thereby gaining the status of wave ii.
Thus, the situation is turning upside down, and instead of a decline, we may see a corrective rise.
Investment idea: Buy at 1.0865, stop loss at 1.0830, take profit at 1.0940.

Bob Stan
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