As expected, the price used the previously broken inclined level as support and attempted to rise. However, barely had the local maximum been updated when something that often happens occurred. A reverse movement began, and the exchange rate returned to the starting point of this movement, threatening to fall even lower.
At the moment, all of this looks like a formed upward impulse on a smaller time frame, which is part of wave iii, followed by a corrective decline. Then the price may drop a little more before starting to rise again, realizing the considered wave scenario.
Investment idea: Buy at 1.0875, stop loss at 1.0845, take profit at 1.1000.
Origin: FreshForex
