EUR/USD. Another attempt at reversal. | 15 February 2024
15 February 2024, EUR/USD
The current situation is seen as the development of a correction, which takes the form of a double zigzag. Therefore, another downward wave was expected to develop, aiming to complete wave c of y. However, as soon as the local minimum was updated, buyers became active, leading to what seemed like a minor increase. It is possible that this signaled a reversal, and this still weak upward movement could be the beginning of a prolonged upward impulse.
In that case, upon the update of the local maximum around 1.0735, we can consider the possibility of entering buy positions.
Investment idea: Buy at 1.0735, stop loss at 1.0720, take profit at 1.0850.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
