Main scenario: long positions will be relevant above the level of 0.8925 with a target of 0.9280 – 0.9370 once correction has formed.

Alternative scenario: breakout and consolidation below the level of 0.8925 will allow the pair to continue declining to the levels of 0.8860 – 0.8763.

Analysis: Daily time frame: presumably, a descending first wave of larger degree (1) of 5 is formed, and an ascending correction is now developing as second wave (2) of 5. H4 time frame: waves A of (2) and B of (2) are formed, and wave C of (2) is developing. On the H1… Read full author’s opinion and review in blog of #LiteForex

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