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EUR/USD. Beginning of the Third Wave of Upward Impulse.

EUR/USD. Beginning of the Third Wave of Upward Impulse. | 12 August 2024

12 August 2024, EUR/USD

EUR/USD. Beginning of the Third Wave of Upward Impulse.

The situation continues to unfold within the previously considered scenario. After a corrective decline, forming a zigzag pattern, the euro is attempting to rise again. This could be due to the development of wave 3 of the upward impulse. In this case, there is a very good upward movement ahead, which will significantly update the current maximum established by the presumed wave 1.
A good entry point for buying has also formed. A horizontal level is indicated on the chart, and once the price breaks above and consolidates, it is advisable to start buying actively. However, regardless of how clear the situation appears, it is essential to remember the protective stop-loss order, which can be placed at the minimum formed by wave 2 or slightly higher, at the current local corrective movement.
Investment Idea: Buy at 1.0935, stop loss at 1.0890, take profit at 1.1100.
Bob Stan
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