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The EUR/USD situation has dramatically changed in favor of the dollar.

The EUR/USD situation has dramatically changed in favor of the dollar. | 29 March 2024

29 March 2024, EUR/USD

The EUR/USD situation has dramatically changed in favor of the dollar.

The price still dropped below the previously identified critical level, which was a signal to revise the scenario under consideration.

Apparently, in the near future, the dollar will continue its pressure and the price will continue to move down.

This is due to the development of a large zigzag, in which the second directed wave is forming. It began its development with a divergent diagonal triangle as wave 1. Then, a short correction followed and the price moved down again, probably forming wave 3. Thus, further on, an impulse decrease is expected, during which a new price low will be set by wave y.

An investment idea in this regard can have the following parameters: sell 1.0770, stop loss 1.0800, take profit 1.0650.

Bob Stan
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