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EUR/USD. The situation remains favorable for purchases.

EUR/USD. The situation remains favorable for purchases. | 05 September 2024

05 September 2024, EUR/USD

EUR/USD. The situation remains favorable for purchases.

The assumed bullish scenario began to materialize. The price moved up, managing to overcome significant levels. This may turn out to be the beginning of the development of the assumed wave 5 in the developing upward impulsive movement.
Overall, it is expected that buyers will attempt to update the price maximum previously set by wave 3, but fifth waves have the property of forming truncated, so they may not allow the price to reach these values, and this also needs to be taken into account when entering purchase transactions.
It is recommended to open positions in this situation at the update of the current local maximum set during yesterday's trading session.
Investment idea: buy 1.1095, stop loss 1.1070, take profit 1.1200.
Bob Stan
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