EUR/USD: Decline Canceled. | 06 June 2024
06 June 2024, EUR/USD
The euro does not seem intent on declining. If the price continues to rise, the previously considered scenario will be invalid, as the third wave would become the shortest, which is not acceptable for classic impulses. Consequently, an alternative scenario has emerged.
It is possible that the initial diagonal triangle, being wave 1, turned out to be quite large with the longest wave 5. This was followed by a correction in the form of a flat, which is wave 2. Currently, we might be seeing the development of another initial diagonal triangle on a smaller timeframe. This is likely wave 1 in the emerging extension of wave 3.
If this is indeed the case, we can expect the formation of a prolonged upward movement in the near future.
Investment Idea: Buy at 1.0890, stop loss at 1.0870, take profit at 1.1000.
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.
