The situation continues to follow the previously discussed scenario. It’s worth reminding that, according to it, an upward impulse is likely being formed. Wave 1 takes the shape of an initial diagonal triangle, which signals potentially strong movement, then there was a corrective decline in the form of a double zigzag.
After that, the price rose again, forming an impulse, which is presumably Wave 1 in the extending Wave 3. Now we see the formation of a bearish zigzag intended to correct Wave 1.
Thus, soon the price may start rising again, and this movement will be much more prolonged, during which all the highs of the current year will be updated.
Entering into buy trades in this situation is a fairly promising trading decision.
Investment idea: Buy at 1.0360, Stop Loss at 1.0300, Take Profit at 1.0550.
Origin: FreshForex
