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EUR/USD. Possibly the beginning of an impulsive decline.

EUR/USD. Possibly the beginning of an impulsive decline. | 16 January 2024

16 January 2024, EUR/USD

EUR/USD. Possibly the beginning of an impulsive decline.

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.

Bob Stan
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