The opening of trades for this pair turned out to be unsuccessful for buyers. As with EUR/USD, the price plummeted sharply, disrupting the structure of the classic upward impulse that had been anticipated earlier.
However, there is no need to discard the bullish structure yet. It is quite possible that an initial diagonal triangle is currently forming, which fully agrees with what is happening with the EUR/USD pair.
The recent decline, within this model, is likely corrective in nature and is caused by the development of wave 4. In this case, we can expect an impulsive growth soon as wave 5 forms.
Thus, entering into buy positions at current market values seems justified and quite attractive.
Investment idea: Buy 1.2400, stop loss 1.2350, take profit 1.2620.
Origin: FreshForex
