EUR/USD. Price growth is temporarily postponed. | 20 February 2024
20 February 2024, EUR/USD
Difficulties have arisen again with the directional movement. The price failed to immediately surpass the previously formed local maximum, and after reaching it once again, a negative reaction followed in the form of a pullback.
This level is currently quite well-defined, and its breakout is now a signal for active buying. Until this happens, the formation of a corrective structure may continue.
There is a possibility that by slightly updating the maximum, the price has formed an impulse at the lower level, and the observed pullback is a correction. This could be seen as a 1-2 wave structure within a larger wave [1]. Thus, this nested structure may eventually turn into a fairly prolonged upward impulse.
Therefore, in the current situation, a breakout above the level of 1.0785 would signal buying opportunities.
Investment idea: Buy at 1.0785, stop loss at 1.0750, take profit at 1.1000.
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