The price of the pair failed to continue its upward movement and has started a slow pullback. Presumably, this is due to the fact that wave 3 has already been completed, meaning the current retracement is corrective in nature and marks the development of wave 4.

However, the final word remains with buyers, as the last wave in the upward impulse is bullish. Nevertheless, it is not advisable to rush into buy positions at this stage. It is recommended to wait for the completion of this correction before considering long entries.

Thus, today’s trading session is likely to be spent forming a zigzag pattern, so it may be best to take a pause and observe the situation while waiting for an optimal buying opportunity in the fifth impulse wave.

Recommendation: Flat.