EUR/USD. The price has broken out of the range and is ready for further decline.
EUR/USD. The price has broken out of the range and is ready for further decline. | 17 January 2024
17 January 2024, EUR/USD
The euro has predictably continued to decline. The price even broke out of the range within which it had been trading for quite some time. A bounce was expected before the breakout; it occurred a bit earlier and was not as strong. On the chart, this attempt by buyers to salvage the situation is barely noticeable.
Currently, the price continues to be under pressure, and it is likely that the decline will persist. Presumably, this movement is driven by the development of wave iii of the descending impulse or the third wave in a zigzag. The potential for movement is quite interesting, so selling positions should be considered.
It's also advisable to be prepared for a retest of the broken lower channel boundary. This may occur after another minor update of the local minimum, as indicated on the chart.
Investment idea: Sell at 1.0855, stop loss at 1.0880, take profit at 1.0750.
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