On the daily chart, the first wave of the higher level 1 of (3) developed, and a downward correction forms as the second wave 2 of (3). Now, the wave a of 2 has formed, and an upward correction of the lower level has developed as the wave b of 2, within which the wave (c) of b has formed. If the assumption is correct, the pair will fall to the levels of 1.1700–1.1601. In this scenario, critical stop loss level is 1.2350.
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