EUR/USD. Expectations for the Development of the Third Wave of the Upward Impulse Remain.
EUR/USD. Expectations for the Development of the Third Wave of the Upward Impulse Remain. | 01 August 2024
01 August 2024, EUR/USD
The attempt to resume the upward impulse movement was unsuccessful. The price started moving up confidently but quickly lost momentum, pulling back to the starting point of the rise. However, the minimum was not updated, and currently, there is another attempt to push higher.
It is possible that the correction in the form of a double zigzag as wave 2 has been completed, and the observed attempts to rise are part of the next impulsive phase of the market. In this case, we might see a significant directional movement during which the maximum established by the presumed wave 1 will be updated.
Therefore, it is recommended to consider the possibility of entering buy trades at the current market levels, aiming to capture the breakout of the wave 1 maximum.
Investment idea: buy at 1.0835, stop loss at 1.0810, take profit at 1.1000.
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