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EUR/USD. The Resumption of Impulsive Growth Might Be on the Horizon.

EUR/USD. The Resumption of Impulsive Growth Might Be on the Horizon. | 08 Agosto 2024

08 Agosto 2024, EUR/USD

EUR/USD. The Resumption of Impulsive Growth Might Be on the Horizon.

Market activity has noticeably slowed down, with everyone watching the reaction to the recent rapid rise in the euro. So far, this movement has been halted, and the price has edged slightly lower, likely in a corrective manner. It remains unclear how deep this pullback could go or if the correction has already ended.
In the recent pullback, a zigzag pattern can be identified, suggesting that wave 2 might have fully formed, allowing the price to start rising again. However, it is also possible that only a part of the corrective structure has completed, and the price could dip further, complicating the structure of the second wave.
In this situation, it is advisable to consider opening buy trades on a breakout above the 1.0940 level.
Investment Idea: Buy at 1.0940, stop loss at 1.0910, take profit at 1.1050.
Bob Stan
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