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EUR/USD. The beginning of a corrective uptrend through the update of the current minimum.

EUR/USD. The beginning of a corrective uptrend through the update of the current minimum. | 16 October 2024

16 October 2024, EUR/USD

EUR/USD. The beginning of a corrective uptrend through the update of the current minimum.

Buyers are unable to take the initiative into their own hands and start moving in the desired direction for them. They only have enough strength to hold back their opponents, while still having to retreat. In the near future, we are likely to see an update of the current local minimum again. However, the course is unlikely to sink significantly.
One small step back will allow the formation of wave 5, roughly the same length as 3, and this corresponds to the nature of impulsive waves, where the first wave is elongated.
Thus, immediately after this, the price may start growing, beginning the formation of a correctional phase of the market. In this regard, on the update of the current minimum, try to open buy deals.
Investment idea: buy 1.0855, stop loss 1.0820, take profit 1.1000.
Bob Stan
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