The promising opportunity to strengthen its position against the euro slips away once again. Failing to rise and set a new local high, the price quickly reversed and headed downwards. Now, the chances of developing an upward impulse in the previously considered manner are minimal. The probability of a decline has significantly increased.
Currently, this movement can be viewed as part of a forming complex correction, which could be a double zigzag or a flat pattern. It all depends on how the price will decline; if it’s an impulse, then it’s a flat, and if it’s a zigzag, then this correction is a double zigzag.
Nevertheless, the market sentiment at the moment is bearish, so it’s worth considering the opportunity to enter sell positions.
Investment idea: Sell at 1.0740, stop loss at 1.0765, take profit at 1.0660.
Origin: FreshForex
