Main scenario: consider short positions from corrections below the level of 1.2500 with a target of 1.2310 – 1.2250. 

Alternative scenario: breakout and consolidation above the level of 1.2500 will allow the pair to continue rising to the levels of 1.2647 – 1.2773.

Analysis: A descending correction appears to have formed as the fourth wave 4 of larger degree on the daily chart, with wave (С) of 4 completed and wave 5 unfolding inside. H4 chart: wave 1 of (1) of 5 is formed, and a downward correction is developing as wave 2 of (1) of 5, with wave c… Read full author’s opinion and review in blog of #LiteForex

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