On daily chart the pair is trending bearishly and currently the wave 3 (Red) is in formation. The wave 5 (purple) will conclude wave 3. The break below support of 1.2330 will favor bearishness.
15 Min Chart:
On the minutte cycle (15min chart) the pair is a wave iii (green). The break of 1.2630 will confirm the bearish trend and hint at the development of more wave 3s (purple/blue) on 1Hr/4Hr charts as well.
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