EUR/USD. Small buyer activity is expected. | 16 September 2024
16 September 2024, EUR/USD
The brisk movement within the supposed wave 5 of the upward impulse, which began vigorously during the final trading day of the past week, turned into a decline. This is likely due to the formation of a correction within the specified impulse wave. From the first day of the new trading week, buyers may once again become active, leading to further growth of the euro against the dollar.
However, this segment is unlikely to be long-lasting. Immediately after updating the local maximum, a response from sellers is expected. This will begin another corrective decline, schematically shown on the provided screenshot.
Thus, if new buy positions are to be opened, it should only be until the update of the current local maximum.
Investment idea: buy 1.1075, stop loss 1.1060, take profit 1.1125.
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.
