Main scenario: consider short positions from corrections below the level of 1.1747 with a target of 1.1287 – 1.1161.

Alternative scenario: breakout and consolidation above the level of 1.1747 will allow the pair to continue rising to the levels of 1.1909 – 1.2269.

Analysis: Daily chart: the first wave of larger degree 1 of (3) is formed, and a downside correction continues forming as wave 2 of (3), with wave c of 2 unfolding as part of it. Apparently, the third wave of smaller degree (iii) of c is developing on the H4 chart. Supposedly, wave iii of (iii) is… Read full author’s opinion and review in blog of #LiteForex

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