As expected, the price failed to overcome the previously established local high. After three unsuccessful attempts, buyers decided to cede initiative to their opponents. As a result, we are observing a decline during which a breakout of the lower boundary of the converging diagonal triangle occurred.
This model itself is likely Wave 1 in an emerging upward movement, and the decline observed at the moment is the corrective Wave 2. If this assumption is correct, we will see a continuation of the downward movement within the scope of this correction in the near future.
Thus, entering sell trades appears to be the most prudent trading decision.
Investment idea: SELL 1.0475, SL 1.0500, TP 1.0380.
Origin: FreshForex
