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EUR/USD. Impulsive decline of the pair is expected.

EUR/USD. Impulsive decline of the pair is expected. | 05 February 2024

05 February 2024, EUR/USD

EUR/USD. Impulsive decline of the pair is expected.

A sharp surge in buying activity began to raise concerns regarding the anticipated downward movement. However, the final trading day of the previous week cooled the enthusiasm for the euro, and the price, as quickly as it rose, declined and even managed to set a new low for the current year.
It's possible that this signaled the intention for the price to continue to decline. Presumably, the movement will take the form of wave iii of the downward impulse. Before this, a small corrective rise is possible, but it cannot be ruled out that the movement will proceed without any significant pauses directly from the current price levels.
Therefore, it is recommended to cautiously start selling at current market values.
Investment idea: Sell at 1.0775, stop loss at 1.0815, take profit at 1.0650.

Bob Stan
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