The scenario may undergo significant changes. The price sharply broke through the support level, updating the local minimum. However, it failed to consolidate at these new values. A reversal movement has begun, which potentially could be quite strong.
It’s possible that the downward movement was influenced by the development of a converging bearish leading diagonal triangle, forming wave i. The observed rise is a correction and is likely to take the form of a zigzag, thereby gaining the status of wave ii.
Thus, the situation is turning upside down, and instead of a decline, we may see a corrective rise.
Investment idea: Buy at 1.0865, stop loss at 1.0830, take profit at 1.0940.
Origin: FreshForex
