EUR/USD. Impulsive growth with extension in the third wave. | 03 May 2024
03 May 2024, EUR/USD
The battle for initiative continued during the last trading session. The dollar attempted a stealthy strike, initially driving the exchange rate to a local minimum. However, it failed to break through the critical level. Buyers quickly realized the situation and pushed the price in the direction favorable to them, reaching a local maximum.
Presumably, this marks the beginning of an extension in wave 3 of the upward impulse. If this is indeed the case, we can expect the development of the third impulse wave within the third but larger in time period. This presents a good opportunity for profit from buying positions.
Investment idea: Buy at 1.0740, stop loss at 1.0715, 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.
