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EUR/USD. Growth in the Third Wave of the Upward Impulse.

EUR/USD. Growth in the Third Wave of the Upward Impulse. | 27 February 2024

27 February 2024, EUR/USD

EUR/USD. Growth in the Third Wave of the Upward Impulse.

The upward movement in the EUR/USD pair began earlier than anticipated. The eagerness of the euro was so strong that sellers failed to form a complete zigzag correction. Of course, it's possible that the current rise could be part of a corrective wave, which would lead to a decline and the establishment of a new local minimum. However, the probability of such a scenario seems low for now.
Presumably, the upward movement is forming within the development of wave iii. The previously formed initial diagonal triangle indicates a potentially strong upward movement. Therefore, it is recommended to open buy positions at the current market price.
Investment idea: Buy at 1.0850, set a stop loss at 1.0820, and take profit target at 1.1000.

Bob Stan
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