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EUR/USD. Another attempt at corrective growth.

EUR/USD. Another attempt at corrective growth. | 29 January 2024

29 January 2024, EUR/USD

EUR/USD. Another attempt at corrective growth.

The price made another attempt to decline but once again failed to surpass the local minimum, which has become a support level. The downward movement resembled an impulse wave. It's possible that this wave plays the role of wave v in the descending impulse.
Then the ongoing rise, followed by a pullback, could mark the beginning of an upward impulse within a bullish correctional structure. In this case, we can expect growth in the near future, making opening long positions a promising opportunity.
Positions can be opened at current market values, with a protective stop loss set at the previously formed minimum, identified as wave v of i.
Investment idea: Buy at 1.0845, stop loss at 1.0810, take profit at 1.0930.

Bob Stan
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