EUR/USD. Expectations for the Development of the Third Impulsive Wave Remain. | 29 July 2024
29 July 2024, EUR/USD
The price has not made decisive moves, remaining at the same levels as before. The breakout from this correction could go either way. If there is an upward movement, the correction in wave 2 can be considered a simple zigzag. However, if the price decides to decline, the correction might take the form of a double zigzag.
The upward movement is still considered the main scenario. An impulsive rise in wave 3 is expected in the near future. Confirmation of this will be the breakout and consolidation above the local maximum, near which the price is currently trading.
The potential for movement is quite interesting, so it is recommended to consider the possibility of entering long positions.
Investment idea: buy at 1.0870, stop loss at 1.0850, take profit at 1.0950.
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.
