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EUR/USD. Another attempt to rise.

EUR/USD. Another attempt to rise. | 30 January 2024

30 January 2024, EUR/USD

EUR/USD. Another attempt to rise.

Challenges have emerged again with the upward movement. The price decided to reattempt to surpass the local minimum, but as soon as it did, buyers actively intervened, pushing the euro exchange rate back to previous levels.
At the moment, this appears to be a correction in the form of a zigzag, in which wave b went below the minimum of wave i. This is quite normal for a correction. The current price rise, in this scenario, would become wave c of ii.
In this scenario, the size of the currently forming correction wave ii is concerning, as its scale seems mismatched with the previously formed initial diagonal triangle, which was wave i.
However, let's see what happens next. For now, it may be worth trying to buy again at the current market values.
Investment idea: Buy at 1.0835, stop loss at 1.0800, take profit at 1.0920.

Bob Stan
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