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EUR/USD. Impulsive decline in the third wave of the impulse.

EUR/USD. Impulsive decline in the third wave of the impulse. | 01 Febrero 2024

01 Febrero 2024, EUR/USD

EUR/USD. Impulsive decline in the third wave of the impulse.

Activity has sharply increased, observed from both sides. Initially, there was an attempt by buyers to push the price higher, but sellers immediately intervened, nullifying all their efforts. As a result, the price returned to the minimum values of the current year.
It is possible that all these price fluctuations were driven by the development of corrective wave ii, which may be completed. Therefore, the current decline may be just the beginning of a larger and more prolonged downward movement. Supporting this assumption is the likely formation of wave i as an initial diagonal triangle. This pattern signals a strong movement in the direction of its formation, in our case, downwards.
Thus, entering into sell positions could be a promising trading decision.
Investment idea: Sell at 1.0795, stop loss at 1.0830, take profit at 1.0650.

Bob Stan
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