Throughout the past trading day, efforts were made to stabilize the situation. Buyers managed to dampen the selling pressure, resulting in a slight increase in price, but there was still a retracement back to the previously established lows.
Overall, the developing picture could either represent the third wave of a downward impulse, in which case the price would continue to decline impulsively after a minor correction or sideways movement, or it could be a zigzag pattern that is already formed, with the price working on a prolonged upward movement.
Regardless, I would recommend buying on the breakout of the local maximum formed during the previous trading session.
Investment Idea: Buy at 1.0650, with a stop loss at 1.0625 and a take profit target at 1.0750.
Origin: FreshForex
