EUR/USD. Further price decline is expected. | 08 November 2024
08 November 2024, EUR/USD
After successful activity from sellers, which led to a new low, buyers responded, quickly regaining half of their lost positions. This is likely the limit of the euro’s strength, as this rebound is seen as a correction in an emerging downward cycle driven by the development of wave 3 of a bearish impulse.
Today, the price will resume its downward movement, albeit less vigorously. Near the established local low, a brief pause is expected, followed by a further downward break.
This situation allows for opening sell positions at current market values, so it’s worth considering this opportunity and trying to enter positions at potentially favorable prices.
Investment idea: sell 1.0780, stop loss 1.0810, take profit 1.0500.
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