EUR/USD. Retest of the broken sloping level followed by growth.
EUR/USD. Retest of the broken sloping level followed by growth. | 05 March 2024
05 March 2024, EUR/USD
The price calmly and without any fuss exceeded the sloping resistance level, after which it began to retreat, apparently to test it from the reverse side. The role of this level has now changed from resistance to support, as often happens with broken levels.
Thus, after the pullback, we will see a resumption of growth. Presumably, this will be within the framework of forming wave iii, and considering that it has only just begun its development, we have good potential in the expected movement.
It is recommended to keep previously opened buy positions active, and additional buying can be done on the update of the current local maximum. Investment idea:
Buy at 1.0865, stop loss at 1.0830, take profit at 1.1000.
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