EUR/USD. Possibly the beginning of an impulsive decline. | 16 Januari 2024
16 Januari 2024, EUR/USD
As anticipated after testing the upper boundary of the channel within which the price has been wandering lately, the exchange rate of the considered trading pair has moved downward toward the lower boundary. There is a high probability that the development of corrective wave ii or B is complete, assuming we are witnessing a significant correction in the form of a zigzag.
Both scenarios in the near perspective suggest a downward impulsive movement. Before the breakthrough, a small rebound may occur, so caution should be exercised and this nuance taken into account when entering into selling transactions.
Thus, the current situation signals a decline, and opening sell positions appears to be a promising trading decision.
Investment idea: Sell at 1.0900, Stop Loss at 1.0925, Take Profit at 1.0750.
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.
