We are still locked in a narrow range, but it seems like this x-wave correction from 118.73 is coming to an end soon. As long as support at 121.54 and more importantly support at 121.11 protects the downside we are looking for one last minor rally higher towards 122.75 to end this x-wave. However a direct break below 121.54 will be the first indication, that this x-wave correction already has terminated, while a break below 121.11 will confirm it and call for a new decline to 118.73 on the way down to the ideal target at 117.28, where I expect this larger wave 4 correction to end.
The expected decline seems to be a harder fight than I expected. That said, we continue to make progress towards the downside and for the short term, I expect to see resistance at 1.5739 protect the upside for a break below 1.5644, which confirms the next decline to 1.5597 and lower towards 1.5550. My ideal target for this decline is near 1.5200, but we could see a lower just below support at 1.5390.
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