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EUR/USD. A favorable situation for an uptrend has arisen.

EUR/USD. A favorable situation for an uptrend has arisen. | 15 October 2024

15 October 2024, EUR/USD

EUR/USD. A favorable situation for an uptrend has arisen.

Another growth attempt failed, but it was possible to update the minimum again. At the moment, all the reduction that has formed so far fits into a downward impulse with an elongated wave 1. Moreover, this wave significantly exceeds waves 3 and 5, so there are certain doubts about the accuracy of such labeling. Over time, the situation will certainly clarify, but for now, we have to rely on what we have.
If this version of events turns out to be true, buyers will soon be able to take the initiative into their own hands. This will lead to growth, which is considered a correction. But based on the extent of the recent downward movement, you can expect a good rebound.
For this reason, it is worth considering the possibility of buying.
Investment idea: buy 1.0915, stop loss 1.0885, take profit 1.1030.
Bob Stan
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