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EUR/USD. Price may resume downward movement.

EUR/USD. Price may resume downward movement. | 08 February 2024

08 February 2024, EUR/USD

EUR/USD. Price may resume downward movement.

The price is not rushing to continue its decline. A cautious attempt to pressure the price was quickly halted, but the euro is also not showing strength to rise. Throughout the trading day, the price remained at the same levels, delaying decisive actions for later.
Perhaps today we will finally see some movement. The current wave count favors the dollar, indicating a decline. This is driven by the formation of wave [3] of the downward impulse.
A signal to enter sell trades will be a breakthrough of the current local minimum. Until this moment, it is recommended to stay out of the market and observe developments from the sidelines.
Investment idea: Sell at 1.0720, stop loss at 1.0750, take profit at 1.0600.

Bob Stan
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