Yesterday, the US dollar rallied to the lowerside and is still continuing to move much lower. As it is right now, we expect a possible continuation of the last impulsive wave (iv) to the lowerside and should break beyond 112.500 but should not go below 111.938. If the price should rebound from this level, then this will be the correct place to buy the last impulsive wave (v) to the upperside and should break beyond 114.960 and may continue much higher towards 118.89 or even higher towards 124.90. On the flip side, a break and close below 111.938 will push the price much lower towards 109.220.
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