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EUR/USD. Impulsive growth in the fifth wave.

EUR/USD. Impulsive growth in the fifth wave. | 13 September 2024

13 September 2024, EUR/USD

EUR/USD. Impulsive growth in the fifth wave.

After seriously threatening to plummet even lower, the price significantly shook the nerves of buyers before deciding to start growing. Eventually, the critical level, passing as the maximum of the supposed wave 1, worked as a support zone. The value of the euro against the dollar sharply went up, as expected.
Thus, it is likely that the formation of wave 5 of the uptrend impulsive movement has begun. In the near future, a continuation of this growth is expected, but before that, a slight correction is possible.
In this situation, previously opened buy deals are recommended to be secured by moving the stop loss into the break-even zone. New positions should be opened after the development of a corrective pullback.
Investment idea: buy 1.1095, stop loss 1.1070, take profit 1.1200.
Bob Stan
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