EUR/USD. The situation maintains a bearish sentiment. | 09 May 2024
09 May 2024, EUR/USD
The previous trading day was dedicated to consolidating the price at the levels where it currently stands. The downward movement could unfold either in a cascade or stepwise manner, making an effort to update the local minimum, then lingering in a narrow corridor for some time before resuming the downward trend.
Such a movement pattern indicates the weakness of buyers, whose strength is only sufficient for temporarily holding the exchange rate. Based on this, there arises a promising opportunity to enter into sell positions at current levels.
The target for the downward movement lies at the local price minimum, which is adequate for attempting to secure a good profit.
It's also worth noting that the decline is anticipated within the framework of forming corrective wave 2.
Investment idea: Sell at 1.0740, with a stop loss at 1.0765, and a 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.
