Assumingly, the third wave 3 of the higher level continues forming. Locally, a bearish impulse as the third wave of the lower level iii of 3 seems to be developing, within which the fifth wave (v) is forming. If the assumption is correct, a fall in the pair is expected to continue to the levels of 1.1880-1.1680. Critical for this scenario is the level of 1.2328.
Trading tips
Sell the pair below the level of 1.2328 with the target at 1.1880-1.1680.
Alternative scenario
The breakout and consolidation above the level of 1.2328 would allow the pair to grow to 1.2600-1.2700.
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