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EUR/USD price is trying to form the fifth wave of a diagonal triangle.

EUR/USD price is trying to form the fifth wave of a diagonal triangle. | 26 March 2024

26 March 2024, EUR/USD

EUR/USD price is trying to form the fifth wave of a diagonal triangle.

The price, after a fairly sharp and powerful decline, was able not only to stop, but also to start moving in the opposite direction. Such a scenario was expected, but further progress is needed for its full implementation.
Currently, the situation is seen as the formation of a diagonal triangle, in which the previously observed decline appears as a double zigzag within wave IV. Then the current growth is wave V and is currently at the initial stage of its development.
Thus, one can try to cautiously buy at current market values. Investment idea: buy 1.0845, stop loss 1.0820, take profit 1.0920
Bob Stan
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