EUR/USD. The Resumption of Impulsive Growth Might Be on the Horizon. | 08 August 2024
08 August 2024, EUR/USD
Market activity has noticeably slowed down, with everyone watching the reaction to the recent rapid rise in the euro. So far, this movement has been halted, and the price has edged slightly lower, likely in a corrective manner. It remains unclear how deep this pullback could go or if the correction has already ended.
In the recent pullback, a zigzag pattern can be identified, suggesting that wave 2 might have fully formed, allowing the price to start rising again. However, it is also possible that only a part of the corrective structure has completed, and the price could dip further, complicating the structure of the second wave.
In this situation, it is advisable to consider opening buy trades on a breakout above the 1.0940 level.
Investment Idea: Buy at 1.0940, stop loss at 1.0910, take profit at 1.1050.
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.
