The initial attempt at a downturn looked promising at first. However, buyers quickly reacted and rushed to reverse the situation, managing to recover more than half of the decline. It seems they likely won’t have enough strength for further recovery.
Thus, the price is highly likely to move lower still, forming wave C of Y. For a safer entry into sell trades, it’s advisable to wait for a break of the local low at 1.1575.
Until that moment, it’s best to observe the situation from the sidelines.
Investment idea: SELL 1.1575, SL 1.1600, TP 1.1480.
Origin: FreshForex
