Initial attempts to reverse the current trend have begun — but so far, unsuccessfully. The price appeared to drop sharply, yet buyers quickly intervened and brought it back to the starting point. Sellers will now need to regroup and wait for the right moment.
It’s worth recalling that the current scenario favors a decline. This is driven by the development of a downward corrective structure — a double zigzag. Within this pattern, we are still missing the final wave C of Y, whose formation is expected in the near future.
The movement’s potential remains quite attractive. Therefore, the recommendation to wait for an entry signal into sell trades remains valid. A good trigger would be a break of the local low formed during yesterday’s trading session.
Investment idea: SELL 1.1625, SL 1.1650, TP 1.1480.
Origin: FreshForex
