EUR/USD. Growth is canceled. | 08 May 2024
08 May 2024, EUR/USD
The promising opportunity to strengthen its position against the euro slips away once again. Failing to rise and set a new local high, the price quickly reversed and headed downwards. Now, the chances of developing an upward impulse in the previously considered manner are minimal. The probability of a decline has significantly increased.
Currently, this movement can be viewed as part of a forming complex correction, which could be a double zigzag or a flat pattern. It all depends on how the price will decline; if it's an impulse, then it's a flat, and if it's a zigzag, then this correction is a double zigzag.
Nevertheless, the market sentiment at the moment is bearish, so it's worth considering the opportunity to enter sell positions.
Investment idea: Sell at 1.0740, stop loss at 1.0765, take profit at 1.0660.
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.
