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EUR/USD. An upward movement is expected in the final wave of the terminal diagonal triangle.

EUR/USD. An upward movement is expected in the final wave of the terminal diagonal triangle. | 02 January 2024

02 January 2024, EUR/USD

The implementation of the previously considered wave scenario with the presumed terminal diagonal triangle as wave v of v in the ascending impulse continues. After updating the November high, the price failed to solidify at the new levels, initiating the formation of corrective wave [4] of the specified model.
Now, another upward wave is anticipated to complete the entire ascending cycle. If expectations are met, we will witness the development of a diverging terminal diagonal triangle. In such models, the fifth wave is often truncated, so we may not see updates of the current local maximum.
In the current situation, one can consider the possibility of entering long positions slightly above the current market price.
Investment idea: Buy at 1.1050, stop loss at 1.1025, take profit at 1.1125.

Bob Stan
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