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EUR/USD. Resumption of the upward impulse movement.

EUR/USD. Resumption of the upward impulse movement. | 02 September 2024

02 September 2024, EUR/USD

EUR/USD. Resumption of the upward impulse movement.

The dollar has significantly weakened, allowing its counterparts to rise impulsively. The current wave pattern closely resembles the formation of an elongated third wave of the ascending impulse, although there is currently a decline underway. This is likely due to the development of corrective wave 4. The chart indicates a critical level, a breakout and settlement below which would invalidate this wave count.
In the near term, a slight downward movement is expected, bringing the price close to the critical level, which will conclude the formation of wave 4. Following this, another wave of impulse growth is expected to commence, intended to complete the development of the entire elongated wave 3.
Therefore, it is recommended to wait for the beginning of the upward movement and consider buying.
Investment idea: buy at 1.1065, stop loss at 1.1035, take profit at 1.1200.

Bob Stan
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