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For a chart: https://reut.rs/2ykc3lh
The range is formed by the 86.4 percent and the 76.4 percent projection levels of a downward wave C, the third wave of a presumed three-wave cycle from the Aug. 8 high of $1.4725.
A break above $1.2760 could signal that the support at the Sept. 6 low of $1.2675 remains valid. A break below $1.2555 could open the way towards $1.2275.
The bullish divergence on the hourly MACD indicates an upside bias.
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