Buyers are under selling pressure — bending but not yet breaking. The price is making another attempt to move lower, and we’ll see how it unfolds this time. A strong directional move is expected, driven by what appears to be a correction taking the form of a zigzag. The anticipated decline is likely to develop as wave C of the current corrective pattern.

Moreover, wave C is usually an impulse, which gives us every reason to expect a strong move. For this reason, we continue to view short positions as having solid profit potential.

Recommendation: SELL 1.1700, SL 1.1735, TP 1.1450.