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