Selling pressure has predictably intensified, and buyers were unable to counter it. As a result, the price declined and retested the local low. Now there is an attempt to establish itself at new price levels.
We may see a retest of the broken level, which would lead to further price decline and another retest of the local low. The possible price movement pattern for the near term is shown on the attached chart.
This suggests the formation of wave C of Y within the developing double zigzag.
Therefore, previously opened sell trades should be kept active. It is also possible to open additional positions in the same direction.
Investment idea: SELL 1.1535, SL 1.1560, TP 1.1480.
Origin: FreshForex
