By
The trend from $1.1530 consists of three waves. The second wave labelled b retraced roughly 61.8 percent of the first wave labelled a.
Likewise, the current correction is expected to reverse either 38.2 percent or 50 percent of the wave c, to extend into the range of $1.2175-$1.2275. A rising channel suggests the same zone.
A break above $1.2470 may lead to a gain limited to $1.2595.
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