EUR/USD. A prolonged impulsive decline may have begun. | 07 November 2024
07 November 2024, EUR/USD
Fears about the development of any abnormal price jumps proved to be unfounded. The price clearly reacted to the voting results, making a leap in one direction. The election results were very favorable for the dollar, leading to a strong downward movement.
It appears that the upward correction that was forming earlier has ended, taking the form of a zigzag with a final diagonal triangle in wave c. This model may be wave 2 in an emerging downward impulsive movement. We may then see the price continue to move down within the development of wave 3 of the same large impulse.
The investment idea in this case could be: sell 1.0680, stop loss 1.0705, take profit 1.0500.
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.
