The anticipated decline in this currency pair has begun. At the very least, we can now identify a leading diagonal, which may represent wave a in a simple zigzag. This pattern typically signals a strong move in the direction of its formation — in this case, downward. Currently, the price is moving upward, presumably as a corrective wave b following the completed diagonal. If this is correct, we can expect further development of wave b, meaning the price may rise a bit more in the short term. After that, an impulsive decline is expected, during which wave c of the zigzag will unfold.
Investment idea: SELL 1.1760, SL 1.1790, TP 1.1630.
Origin: FreshForex
