EUR/USD. Is the Price Forming a Diagonal Triangle?
EUR/USD. Is the Price Forming a Diagonal Triangle? | 16 August 2024
16 August 2024, EUR/USD
The euro failed to reach the previously set targets. Instead, the rate plummeted, significantly altering the wave pattern, which no longer fits the previously considered wave scenario. There is a need to reassess it.
One possible scenario is the formation of a diagonal triangle, which could either be an initial diagonal if it develops as an internal wave in an extending third wave, or an ending diagonal, suggesting that the entire upward movement from mid-June represents a large bullish zigzag.
The future price movement depends on which type of diagonal triangle is forming, affecting the medium- and long-term outlook. In the short term, there is a high probability of further price decline, followed by another attempt by buyers to push the price higher. This situation is schematically represented on the provided chart.
Since the downside potential is limited and it is not yet the right time to buy, it is recommended to avoid active trading actions.
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