EUR/USD. Price growth is temporarily postponed. | 20 February 2024
20 February 2024, EUR/USD
Difficulties have arisen again with the directional movement. The price failed to immediately surpass the previously formed local maximum, and after reaching it once again, a negative reaction followed in the form of a pullback.
This level is currently quite well-defined, and its breakout is now a signal for active buying. Until this happens, the formation of a corrective structure may continue.
There is a possibility that by slightly updating the maximum, the price has formed an impulse at the lower level, and the observed pullback is a correction. This could be seen as a 1-2 wave structure within a larger wave [1]. Thus, this nested structure may eventually turn into a fairly prolonged upward impulse.
Therefore, in the current situation, a breakout above the level of 1.0785 would signal buying opportunities.
Investment idea: Buy at 1.0785, stop loss at 1.0750, take profit at 1.1000.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
