The current situation aligns with the previously considered scenario, according to which the formation of a descending correction in the form of a double zigzag has been completed. The price even attempted to rise, and it almost succeeded. However, vigilant sellers brought the rate back almost to the starting point of this surge.
It’s possible that this marked the formation of the first two waves of an emerging upward impulse. In this case, we can expect a rapid rise in the third wave in the near future. If the price falls below the critical level indicated by the red horizontal line on the chart, there will be a need to switch to an alternative counting variant where the decline will continue.
For now, the main scenario indicates an upward move with a good potential profit-to-loss ratio, so it’s recommended to consider the possibility of entering buy trades at current market values.
Investment idea: BUY 1.1570, SL 1.1545, TP 1.1700.
Origin: FreshForex
