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EUR/USD. An attempt to form the fifth wave of an upward impulse.

EUR/USD. An attempt to form the fifth wave of an upward impulse. | 09 September 2024

09 September 2024, EUR/USD

EUR/USD. An attempt to form the fifth wave of an upward impulse.

The last trading day of the past week turned out to be quite interesting. The price attempted to continue its active upward movement, but at the most crucial moment, it encountered powerful resistance from sellers. This was so unexpected for buyers that within an hour they lost more than half of the upward momentum formed in this phase.
This can be attributed to a correction, which is the second wave within the forming upward impulse. Then, in the near future, the price may attempt to restore lost positions, but before that, it will slightly decrease.
In view of this, it is recommended to wait for the moment when the growth begins and try to buy again. The goal at the level of 1.1200 remains relevant.
Investment idea: buy 1.1105, stop loss 1.1085, take profit 1.1200.
Bob Stan
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