Main scenario: consider long positions from corrections above the level of 1.1750 with a target of 1.2269 – 1.2500.

Alternative scenario: breakout and consolidation below the level of 1.1750 will allow the pair to continue declining to the levels of 1.1600 – 1.1489.

Analysis: Daily time frame: the first wave of larger degree 1 of (3) is formed, and a downside correction appears to have formed as wave 2 of (3). A downward wave c of 2 appears to have formed on the H4 time frame, with the fifth wave of smaller degree (v) of c completed inside. The third… Read full author’s opinion and review in blog of #LiteForex

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