As expected, buyers made a bold attempt to seize the initiative, managing to raise the rate quite well. The price rose more than expected, but the situation remained under sellers’ control. The rate began to decline slowly again.
This price surge was probably due to the development of the final part of corrective wave 2, which takes the form of a simple zigzag. The resumed decline is wave 3 in the forming downward impulse. If this is indeed the case, we may see the price drop significantly in the near future.
For this reason, it is recommended to consider the possibility of entering sell trades at current market values.
Investment idea: SELL 1.1600, SL 1.1630, TP 1.1400.
Origin: FreshForex
