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EUR/USD. The development of the fifth wave of the diagonal triangle has started.

EUR/USD. The development of the fifth wave of the diagonal triangle has started. | 21 March 2024

21 March 2024, EUR/USD

EUR/USD. The development of the fifth wave of the diagonal triangle has started.

The past trading day turned out to be quite successful for the euro. The price, as expected, began to rise rapidly. However, there was some nervousness as well. Initially, the euro's exchange rate started to decline, reaching a local minimum that sellers failed to break through.
Then buyers became more active, managing to drive the price up significantly, recovering a significant portion of the previously lost positions. It is likely that the movement is forming in an impulsive manner and is driven by the development of wave v of the diagonal triangle.
Therefore, we can expect further upward movement and the renewal of the current price highs set by waves [x] and iii.
Investment idea: Buy at 1.0935, with a stop loss at 1.0900, and a take profit at 1.1050.
Bob Stan
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