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EUR/USD. Possible Development of the Final Wave of a Diagonal Triangle

EUR/USD. Possible Development of the Final Wave of a Diagonal Triangle | 19 August 2024

19 August 2024, EUR/USD

EUR/USD. Possible Development of the Final Wave of a Diagonal Triangle

The situation for this pair did not unfold as expected during the previous trading day. Instead of the anticipated decline, the price began to rise. It is possible that the earlier decline represents a complete corrective wave 4 within a forming diagonal triangle.
If this is the case, the current price rise is driven by the development of the final wave 5 of the mentioned wave model. The target for this upward movement could be the upper boundary of the diagonal triangle, as indicated on the accompanying chart.
Therefore, it is advisable to consider cautious buying during the corrective pullback.
Investment Idea: Buy at 1.1000, stop loss at 1.0980, take profit at 1.1070.

Bob Stan
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