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EUR/USD. Impulsive growth expected in the fifth wave.

EUR/USD. Impulsive growth expected in the fifth wave. | 07 May 2024

07 May 2024, EUR/USD

EUR/USD. Impulsive growth expected in the fifth wave.

The situation remains relatively stable. Activity is subdued, and the price is trading within a defined range, indicating a corrective movement. It's possible that wave 4 is developing within an elongated wave 3. If this is the case, we can expect a resumption of price growth in the near future.
Moreover, the movement in wave 5 could be the longest, as waves 1 and 3 of 3 are approximately equal. In this scenario, there is a good opportunity to enter promising buy positions at the current market levels.
Investment idea: Buy at 1.0775, stop loss at 1.0750, take profit at 1.0850.

Bob Stan
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