EUR/USD. A decline in the fifth wave of a bearish impulse.
EUR/USD. A decline in the fifth wave of a bearish impulse. | 21 November 2024
21 November 2024, EUR/USD
The attempt to rise, as expected, was unsuccessful, and as soon as the price reached the local maximum, active sales began again, bringing the value back to the previously established minimum. Presumably, the formation of correction wave 4, which took the form of a double three, has been completed, and the current decline is wave 5 of c.
If this is indeed the case, the downward movement will continue and take an impulsive form. However, the potential of this wave is not large, so it is unlikely that a prolonged downward movement should be expected. If possible, it is recommended to immediately move open positions to breakeven.
Investment idea: sell 1.0505, stop loss 1.0520, take profit 1.0430.
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