According to the trading experts of Masterforex-V Academy, the recent mid-term trend has changed for a downtrend. This happened when the price broke below 1.3487, thereby completing a FZR (fractal-zigzag reversal) of wave level h8.
The starting point is 1,3597. It gave birth to a downswing represented by wave a(C )/C of wave level h4. The boundaries are 1,3597 and 1,3477.
At this point, there is a recovery against the recent bearish move. The upward targets are:
1,3537=50%
1,3551=62%
1,3568=76%+pivot2
1,3583=88%+outer sloping channel
In order to initiate a change of trend, it is necessary to overcome the top of the sloping channel and a bullish FZR.
In order to resume the bearish trend, the price will have to break below the bottom of the current recovery and overcome 1,3477 and 1,3510.
