The pair continues to move in a downtrend
Having formed the "Double top" figure, our pair is directed downwards and is able to stand under the mark of 1.22 at the moment.
Prior to this, having found the resistance level near the 1.2235 mark, it steadily rushed down. If we consider this motion from the point of view of the Elliott wave theory, then we can observe the formation of the third wave, which must overcome the levels of 1.2180 and 1.2150.
So we recommend taking short positions by setting take-profits near these levels.
Otherwise, if the pair fails to consolidate below these levels, we assume the entry of the price into the corridor with the lower limit of 1.2180.
Prior to this, having found the resistance level near the 1.2235 mark, it steadily rushed down. If we consider this motion from the point of view of the Elliott wave theory, then we can observe the formation of the third wave, which must overcome the levels of 1.2180 and 1.2150.
So we recommend taking short positions by setting take-profits near these levels.
Otherwise, if the pair fails to consolidate below these levels, we assume the entry of the price into the corridor with the lower limit of 1.2180.
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