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EUR/USD. The price may initiate an impulsive decline.

EUR/USD. The price may initiate an impulsive decline. | 21 December 2023

21 December 2023, EUR/USD

EUR/USD. The price may initiate an impulsive decline.

The price has indeed started to entangle itself in some corrective structures. It can be assumed that the ascending movement, considered as an impulse, is completed, and wave v is truncated. Therefore, the subsequent decline and the current correction may mark the beginning of the development of a new descending wave structure, more likely to be impulsive than corrective.
In the future, we might observe a strong and prolonged downward movement. Entering sell positions in this situation seems quite promising.
Selling in this scenario can be executed upon the breakout of the horizontal level marked on the chart, which corresponds to the value of 1.0930.
Investment idea: Sell at 1.0930, stop loss at 1.0975, take profit at 1.0780.

Bob Stan
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