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EUR/USD. The Price May Start Forming the Third Impulse Wave.

EUR/USD. The Price May Start Forming the Third Impulse Wave. | 26 July 2024

26 July 2024, EUR/USD

During the past trading day, the price made active attempts to rise, but all of them ended in failure. As a result, no directional movement was seen, and the price remained practically at the same level as the previous day.
This price movement pattern resembles a correction. It is quite possible that wave 2 is not yet complete, and only its first part, wave a, has been formed. The current correction might be wave b. In this case, we may see another active phase of decline to complete the entire downward corrective structure. This remains an alternative scenario.
The main scenario suggests growth in wave 3 from the current levels. However, for buying, confirmation is needed in the form of a breakout of the local highs formed yesterday.
Investment idea: buy at 1.0870, stop loss at 1.0850, take profit at 1.0950.

Bob Stan
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