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EUR/USD. Another attempt to form an upward impulse.

EUR/USD. Another attempt to form an upward impulse. | 04 March 2024

04 March 2024, EUR/USD

EUR/USD. Another attempt to form an upward impulse.

A strong directional movement has been overdue for a while, but the dollar has consistently exerted maximum effort to prevent the euro from appreciating. Each attempt to rise has been met with a strong reaction, leading to a return of the price to the initial growth point or even further decline.
Currently, there is an attempt to build a solid foundation for a substantial movement. The foundation is provided by the initial diagonal triangle, which has already been followed by a reaction. At the moment, the formation of a correction in the form of a double zigzag, also representing wave ii, is presumably completed.
The price has approached the inclined resistance level, preparing to break through it and continue the swift upward movement within the formation of wave iii.
Therefore, initiating buy trades appears to be a promising trading decision.
Investment idea: Buy at 1.0850, stop loss at 1.0820, take profit at 1.1000.

Bob Stan
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