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EUR/USD. Preparing for further impulsive decline.

EUR/USD. Preparing for further impulsive decline. | 11 November 2024

11 November 2024, EUR/USD

The final trading day of the past week went exactly as expected. Buyers no longer had the strength to continue recovering after a sharp decline, which led to a quick return of the exchange rate to the previously established minimum. Here, the opposing forces are likely to conclude a truce for some time, and volatility will sharply decrease.
After standing at this level for a while, the price will go down again. This is due to the formation of a downward impulsive movement, in which wave 3 is expected to develop and likely to extend, meaning the decline will be prolonged.
To open trades in this case, it is worth waiting for the price to update and consolidate below the current minimum.
Investment idea: sell 1.0680, stop loss 1.0710, take profit 1.0500.
Bob Stan
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