EUR/USD. The Euro continues to rise and shows no signs of stopping.
EUR/USD. The Euro continues to rise and shows no signs of stopping. | 15 December 2023
15 December 2023, EUR/USD
The swift strengthening of the Euro against the Dollar has brought the price to a previously established maximum. It is likely that a breakout and a new high will occur in the near future. The previously considered analysis is deemed inaccurate due to this, prompting the exploration of an alternative scenario.
It is possible that what we are witnessing is indeed an upward impulse or a complex ascending correctional structure (such as a double zigzag). The current observed growth may be forming within the framework of the fifth wave of this impulsive structure. It is conceivable that the current advance is an extension in wave iii. In the short term, the price may experience a slight correction before resuming its upward movement, first completing the development of the lengthening third wave, and subsequently, after some correction, updating highs. This would mark the completion of the entire upward impulse.
Thus, engaging in long positions appears to be a promising trading decision at the moment.
Investment idea: Buy at 1.1005, stop loss at 1.0975, take profit at 1.1100.
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