The situation with this pair resembles what is currently observed with the EUR/USD pair. Here too, it is presumed that the formation of a diagonal triangle, possibly representing wave [a] in a bearish zigzag, has concluded. This was followed by a corrective rise, also resembling a simple zigzag, likely wave [b], the formation of which is already complete.

In such a case, we may soon see a resumption of the downward impulsive movement, driven by the formation of wave [c].

It might be cautiously possible to try opening sell trades at the current market values. The movement’s goal is to break through the minimum set by wave [a].

Recommendations: Sell 1.2665, SL 1.2690, TP 1.2500.