EUR/USD. Impulsive rise within emerging correction. | 28 October 2024
28 October 2024, EUR/USD
The last word of the past trading week was still left to the sellers. Buyers failed to develop their local success, as a result, the price fell. However, this decline is likely already taking on a corrective nature. This is indicated by the possible completion of the downward impulsive movement and the successful attempt at growth, which may be the beginning of a correction.
It is expected that the correction will take the form of a zigzag. Then, the leading waves of this model will be formed in an impulse manner. Thus, in the near future, we can see a resumption of the upward movement, which will have a five-wave formation. The schematic representation of the anticipated price movement is marked on the chart above.
In such a case, it is worth considering the possibility of entering into purchase transactions at current market values.
Investment idea: buy 1.0800, stop loss 1.0775, take profit 1.0930.
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.
