The pair’s price predictably declined, retesting the local low. This downward movement fits well into an impulsive structure. Immediately afterward, a rise began.
This situation suggests that wave A within wave Y of a forming double zigzag may have completed during yesterday’s trading session. In the near future, we can expect a weak upward movement forming wave b.
A favorable entry point for buy trades has formed to capture the movement in wave b of Y.
Investment idea: BUY 1.1600, SL 1.1585, TP 1.1640.
Origin: FreshForex
