02 December 2024, EUR/USD
Although the current situation looks favorable enough for an upward movement, buyers do not seem to be in a hurry to push the price higher. This could indicate a slow but sustained price increase during which an elongated impulse will be formed. Considering that the previous decline looked very much like a zigzag, the current bullish cycle will definitely update the highs from which this downward movement started. The current wave structure resembles the formation of a combination of waves 1-2, 1-2. From the opening of the next trading week, the price may surge upwards. However, there is no need to rush into decisions until the current local high is updated. Only after the price consolidates above 1.0600, should additional buy trades be entered.
Investment idea: buy 1.0600, stop loss 1.0575, take profit 1.1000.
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