The price indeed reached the lower boundary of the ascending channel, within which a diagonal triangle formation is presumed to be taking place. This decline is viewed as corrective wave iv, taking the form of a flat pattern. An attempt to break out beyond the channel proved unsuccessful, resulting in a minor rise followed by a pullback.
Presumably, this marks the beginning of the formation of the final wave v within the mentioned diagonal triangle. A level is indicated on the chart, the breakout of which may serve as a signal to initiate buy positions.
Investment idea: Buy at 1.0900, Stop Loss at 1.0875, Take Profit at 1.1000.
Origin: FreshForex
