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The contract is riding on a wave c from $1.2230. This wave has travelled to its 76.4 percent projection level at $1.1905. It has a better chance of extending to $1.1805.
The bounce triggered by the support at $1.1905 is expected to be brief, probably to end below $1.2020. Only a rise above $1.2070 could signal a reversal of the downtrend.
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