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EUR/USD. Another attempt at reversal.

EUR/USD. Another attempt at reversal. | 15 February 2024

15 February 2024, EUR/USD

EUR/USD. Another attempt at reversal.

The current situation is seen as the development of a correction, which takes the form of a double zigzag. Therefore, another downward wave was expected to develop, aiming to complete wave c of y. However, as soon as the local minimum was updated, buyers became active, leading to what seemed like a minor increase. It is possible that this signaled a reversal, and this still weak upward movement could be the beginning of a prolonged upward impulse.
In that case, upon the update of the local maximum around 1.0735, we can consider the possibility of entering buy positions.
Investment idea: Buy at 1.0735, stop loss at 1.0720, take profit at 1.0850.

Bob Stan
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