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EUR/USD. Development of the corrective upward movement will continue.

EUR/USD. Development of the corrective upward movement will continue. | 31 October 2024

31 October 2024, EUR/USD

EUR/USD. Development of the corrective upward movement will continue.

As expected, buyers moved to decisive action, and their attempt to grow yielded some positive results. The euro exchange rate against the dollar did indeed rise, but based on the current situation and the evolving wave pattern, this is still insufficient. Most likely, this is only the beginning of the movement. Over the remaining days of the current trading week, a continuation of growth is expected.
We must also remember that, apparently, a correction is underway, which is generally expected to take the form of a simple zigzag.
Thus, in the near future, the price will strive to grow even stronger and establish new local highs, so any previously opened buy positions should be kept active. You can also look for opportunities to open additional trading positions at the current market value.
Investment idea: buy 1.0855, stop loss 1.0830, take profit 1.0950.
Bob Stan
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