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EUR/USD. Beginning of development of the fifth ascending impulse wave.

EUR/USD. Beginning of development of the fifth ascending impulse wave. | 03 September 2024

03 September 2024, EUR/USD

EUR/USD. Beginning of development of the fifth ascending impulse wave.

The price is once again attempting to start its ascent. This scenario is in line with the current wave pattern, where the formation of wave 5 of the ascending impulse movement is likely beginning at this moment. In this case, corrective wave 4 takes the form of a double zigzag and appears quite harmonious. Now buyers need to pick up momentum and increase their activity. The expected ascending impulse movement suggests a potential renewal of the previous peak established by wave 3, although fifth waves often end up truncated, which should also be taken into account. In the current situation, it is recommended to seriously consider entering long positions at the current market levels. Investment idea: buy at 1.1075, stop loss at 1.1050, take profit at 1.1200.

Bob Stan
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