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EUR/USD: Another opportunity for corrective growth.

EUR/USD: Another opportunity for corrective growth. | 11 December 2023

11 December 2023, EUR/USD

EUR/USD: Another opportunity for corrective growth.

The past trading week concluded with another victory for the dollar. The price once again declined and set a new minimum. It is possible that this marks the completion of the impulse formation, where wave [1] is stretched, and wave [5] is the shortest. However, this fifth wave strongly resembles a triple. In that case, a continuation of the decline and the development of a final diagonal triangle is possible, while staying within a limited price range, as otherwise wave [3] would become the shortest, which is unacceptable.
In any case, a corrective rebound seems imminent, which could start as early as today. In this scenario, one may cautiously attempt to buy above the level of 1.0775, setting a protective stop loss at 1.0740. If the price decides to go lower, one should wait for clarification of the situation, observe how the decline unfolds, and only then look for possible entry points.
Investment idea: Buy at 1.0775, stop loss at 1.0740, take profit at 1.0870.

Bob Stan
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