Buyers failed to counter the persistent selling pressure, leading to further price decline. This is likely not the end: the overall situation remains bearish, and wave C of Y is still incomplete.
In the near term, we are highly likely to see continued decline — and this wave may finally become the concluding leg of the prolonged downward cycle. This would complete the large and complex corrective structure: a double zigzag.
Afterward, the price will attempt to rise, creating potential buy setups. Until then, it’s worth trying to profit from the expected decline. It is recommended to enter sell trades upon a break of the local low.
Investment idea: SELL 1.1470, SL 1.1490, TP 1.1420.
Origin: FreshForex
