Analysis: Presumably, the formation of the downward correction of the senior level continues on 4-hour timeframe. At the moment, it is likely that the local correction of the junior level has completed in the wave ii of (с), which took a shape of a plane. If this assumption is correct, the pair will continue to decline to 1.1050 – 1.09 in the wave iii. Critical level for this scenario is 1.12. Breakout of this level will trigger further rise in the pair.
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