A five-wave cycle from the Jan. 3 high of $1.3135 has ended around a support at $1.2140, the 76.4 percent retracement of the uptrend from the Dec. 12, 2017 low of $1.1830 to $1.3135.
The support is not working alone, it joins hands with another similar one established by a rising trendline. The bullish divergence on the hourly MACD also suggests a decent bounce is due.
A break below $1.2140 could cause a loss to $1.2005.
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