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EUR/USD. The situation has shifted back in favor of the euro.

EUR/USD. The situation has shifted back in favor of the euro. | 10 May 2024

10 May 2024, EUR/USD

EUR/USD. The situation has shifted back in favor of the euro.

Yesterday's trading day indicated a need for adjustments to the previously considered scenario. The price refuses to move towards the expected levels, suggesting the need for corrections in the analysis.
It's possible that the expanding diagonal triangle, which represents wave 1 in the emerging upward movement, concluded later than previously thought. The subsequent correction in the form of a zigzag pattern likely finalized during yesterday's trading session.
This was followed by a sharp increase in buying activity, leading to the beginning of another bullish wave.
Therefore, in the near future, we might witness continued growth driven by the development of wave 3 of the upward impulse.
Investment idea: Buy at 1.0790, with a stop loss at 1.0775, and a take profit at 1.0900.
Bob Stan
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