The 3rd wave

At the moment, we are seeing how our pair continues the downward movement and reached a new level of resistance. The daily chart clearly shows that the pair has already slowed down near the level of 1.1735 and is now close this level. However, we expect that the 3rd wave may be stronger than the first and the pair will not stay too long at this mark. Therefore, we believe that we should take short positions with a SL of up to about 100pp, while the TP should be set closer to 1.15