The current bounce was triggered by a support at $1.06, the 223.6 percent projection level of a downward wave C.
The bounce looks like a part of a falling wedge, the upper trendline of which suggests a target at $1.1185.
The bullish divergence on the hourly MACD indicates a further gain as well.
The downtrend may resume when coffee completes the bounce around $1.1185, as this wave is expected to extend to $1.0240. A break above $1.13 could signal a reversal of the downtrend.
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