EUR/USD. Potential for Corrective Price Decline | 20 August 2024
20 August 2024, EUR/USD
The EUR/USD pair has shown notable activity since the opening of the new trading day, with buyers continuing to push the price to new highs. This movement has resulted in the price reaching a new yearly maximum.
It's possible that wave 5 of a diagonal triangle has completed its formation. The completion of this wave pattern suggests an increased likelihood of a price reversal. This reversal could be a correction or the beginning of the next market phase.
In this scenario, a corrective price decline is expected, likely forming a simple zigzag pattern. The true nature of the movement will become clearer over the next few trading days.
Investment Idea: Sell at 1.1080, with a stop loss at 1.1100, and a take profit at 1.1030.
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