Further price decline led to a break of the critical level, invalidating the previously considered bullish scenario. This necessitates switching to an alternative analysis.
At the moment, the situation appears to be a corrective decline in the form of a double zigzag. The first part formed as a flat pattern, followed by a rise and development of a simple zigzag as wave X. Currently, we are likely observing a decline in wave a of Y.
Thus, in the near future, the price is highly likely to continue falling, after which there will be an attempt to rise — but this will be a correction forming wave b of Y.
Investment idea: SELL 1.1600, SL 1.1620, TP 1.1560.
Origin: FreshForex
