EUR/USD. The situation for the euro is deteriorating. | 19 Marzo 2024
19 Marzo 2024, EUR/USD
Buyers' position is worsening further. The price attempted to rise, reaching a new local maximum, which was previously identified as a signal for entering long positions. However, it immediately reversed direction, revisiting the previously established minimum.
Additionally, this led to a breach of the ascending channel, which is also a negative signal for the euro. However, considering the anticipated development of a diagonal triangle, where the fourth wave involves crossing the first and fourth waves, the situation looks critical for buyers. Action needs to be taken to prevent further decline, as continued downward movement could accelerate significantly, resulting in a sharp decline in the exchange rate.
In this situation, it is not recommended to consider any trades.
Investment idea: Flat.
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.
