The price has stalled in a waiting mode, apparently anticipating any significant news or other factors for a directional movement. Such behaviour is also typical for corrective structures. At the moment, the formation of a correction is precisely what is being considered.
Presumably, we are currently seeing the formation of wave X, which is part of a double zigzag. In the near future, we may see a slight decline designed to form wave B within wave X, after which the price will attempt to rise again.
The possible trajectory of the price movement is indicated on the provided chart. In this situation, it’s possible to try cautious sell trades with a small target to capture the decline within the development of wave B of X.
Investment idea: SELL 1.1730, SL 1.1750, TP 1.1690.
Origin: FreshForex
