EUR/USD. Impulsive rise within emerging correction.
EUR/USD. Impulsive rise within emerging correction. | 28 October 2024
28 October 2024, EUR/USD
The last word of the past trading week was still left to the sellers. Buyers failed to develop their local success, as a result, the price fell. However, this decline is likely already taking on a corrective nature. This is indicated by the possible completion of the downward impulsive movement and the successful attempt at growth, which may be the beginning of a correction.
It is expected that the correction will take the form of a zigzag. Then, the leading waves of this model will be formed in an impulse manner. Thus, in the near future, we can see a resumption of the upward movement, which will have a five-wave formation. The schematic representation of the anticipated price movement is marked on the chart above.
In such a case, it is worth considering the possibility of entering into purchase transactions at current market values.
Investment idea: buy 1.0800, stop loss 1.0775, take profit 1.0930.
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