There was low activity in the currency pair throughout the past day. This confirms the continuation of the correction, likely a zigzag pattern, which also represents the second wave of the emerging upward impulse. At the moment, this corrective pattern doesn’t seem complete, meaning we shouldn’t expect a directional movement in the near future. The price is likely to attempt to rise but will reverse after a modest success and move in the opposite direction, possibly updating the local minimum set during yesterday’s trading session. This scenario is outlined in the chart above. Afterward, we expect an impulsive rise driven by the development of the third wave, and it will be a good opportunity to buy in anticipation of a strong move. Until then, it is recommended to observe the developments from the sidelines.
Investment idea: flat.
Origin: FreshForex
