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EUR/USD. The situation for the euro is deteriorating.

EUR/USD. The situation for the euro is deteriorating. | 19 March 2024

19 March 2024, EUR/USD

EUR/USD. The situation for the euro is deteriorating.

Buyers' position is worsening further. The price attempted to rise, reaching a new local maximum, which was previously identified as a signal for entering long positions. However, it immediately reversed direction, revisiting the previously established minimum.
Additionally, this led to a breach of the ascending channel, which is also a negative signal for the euro. However, considering the anticipated development of a diagonal triangle, where the fourth wave involves crossing the first and fourth waves, the situation looks critical for buyers. Action needs to be taken to prevent further decline, as continued downward movement could accelerate significantly, resulting in a sharp decline in the exchange rate.
In this situation, it is not recommended to consider any trades.
Investment idea: Flat.
Bob Stan
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