EUR/USD. Price decline may resume soon. | 07 February 2024
07 February 2024, EUR/USD
As anticipated, there was no continuation of the decline. Instead, the price started moving in the opposite direction. This is likely the formation of a correction, taking the form of a simple zigzag and representing wave [2] in the bearish impulse.
Therefore, in the near future, this correction may end, and the price could resume its downward movement with even greater enthusiasm and strength, as the next wave will be the third, which is typically the strongest and most prolonged.
Thus, it is advisable to be prepared to enter sell trades. The current local minimum may be an optimal entry point.
Investment idea: Sell at 1.0720, stop loss at 1.0745, take profit at 1.0600.
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