As expected, buyers made a bold attempt to seize the initiative, managing to push the price up quite significantly. The price rose more than anticipated, yet the situation remained under the control of the sellers. The rate has begun to decline slowly once again.

This price spike was likely due to the final part of corrective wave 2, which appears to be a simple zigzag. If so, the resumed decline marks wave 3 of a forming downward impulse. In that case, we may soon witness a sharp drop in price.

For this reason, it is recommended to consider opening sell positions at current market levels.

Recommendation: SELL 1.1600, SL 1.1630, TP 1.1400.