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EUR/USD: Resumption of Upward Movement.

EUR/USD: Resumption of Upward Movement. | 17 May 2024

17 May 2024, EUR/USD

EUR/USD: Resumption of Upward Movement.

The anticipated continuation of growth did not occur. The euro needed a pause, during which the dollar attempted to shift the situation in its favor, resulting in a minor pullback. This decline is likely corrective. Consequently, the price is expected to resume its upward movement soon, completing the development of wave 3 of the forming ascending impulse.
If this scenario holds true, it is worth considering buy trades above 1.0875. No trading actions are recommended before reaching this level, as the correction may last for an indefinite period.
Investment Idea: Buy at 1.0875, stop loss at 1.0850, take profit at 1.1000.

Bob Stan
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