After an unsuccessful start to the trading week and opening with a gap down, buyers rushed to rectify the situation. Ultimately, the resulting gap was quickly closed, as expected. Previously, it was suggested that the observed decline is a corrective Wave 2 within an emerging upward impulsive movement. This wave likely took the form of a double zigzag, explaining the rather deep price drop, almost back to the starting point of Wave 1’s development.
Now, based on this scenario, Wave 3 of the upward impulse is forming, which promises to be quite prolonged and concealing good potential profits when entering into long positions.
For this reason, it is recommended to consider the possibility of entering into long positions.
Investment idea: Buy at 1.0400, Stop Loss at 1.0375, Take Profit at 1.0520.
Origin: FreshForex
