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EUR/USD. A reversal may have taken place.

EUR/USD. A reversal may have taken place. | 02 October 2024

02 October 2024, EUR/USD

EUR/USD. A reversal may have taken place.

It is unlikely that the price will be able to update the maximum of the current year in the near future. Tension in the world has suddenly increased again, and this could not help but affect the situation on the markets. Instead of the expected growth due to the development of the final wave 5 in the final diagonal triangle, the price rushed down, and this does not look like a corrective decline followed by a quick buyout.
There is a feeling that the final diagonal triangle was already formed earlier, and wave 5 in it turned out to be truncated. Both the model and the truncated fifth wave are a strong signal of a reversal. And now we are witnessing such a version of events.
Thus, there is a high probability that the price will continue to remain under bearish pressure in the future. Of course, attempts to grow will take place, so it is definitely not worth entering short positions right away. It is recommended to wait for some time and look at the situation after some time.
Investment idea: flat.
Bob Stan
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