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EUR/USD: Ascending Impulse Completed, Correction Begins

EUR/USD: Ascending Impulse Completed, Correction Begins | 05 June 2024

05 June 2024, EUR/USD

EUR/USD: Ascending Impulse Completed, Correction Begins

The price has decided not to continue its upward movement, opting instead for a correction. To achieve this, wave 5 had to be shorter than wave 3, which has occurred. Additionally, wave 5 appears to be forming an ending diagonal triangle, indicating a significant downward price movement in the near future.
A correction is expected to form, and its specific nature will become clear over time. Meanwhile, consider the opportunity to enter sell positions targeting the local minimum established by wave 4.
Investment Idea: Sell at 1.0875, stop loss at 1.0900, take profit at 1.0785.

Bob Stan
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