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10.01.2024 10:08 AM
As a few days ago, in the EUR/USD currency, we are observing the construction of a large-scale corrective pattern. A major correction (B) is likely being formed, taking the shape of a double zigzag. At present, we are witnessing the development of an upward wave Y, whose internal structure resembles a double zigzag [W]-[X]-[Y].
Presumably, wave [W] takes the form of a double zigzag of a smaller wave level, after which the connecting wave [X] was fully formed. After the completion of [X], the bulls drove the price up in impulse (A), then the price corrected in wave (B). In the upcoming trading days, we may observe a rise in price in the final impulse wave (C).
The price in the bullish impulse (C) is likely to rise to the mark of 1.1278. At this level, the size of wave [Y] will be equal to the previous active wave [W].
Today, the publication of the crude oil inventory report is expected. As in the previous month, the figures may be higher than forecasted, which will strengthen the bulls.
Thus, it is now a favorable moment to open long positions from the current level with the aim of profiting from the end of the bullish trend.
Trading recommendations: buy at 1.0938, take profit at 1.1278.
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