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On the H4 chart the formation of the downward correction as a wave (X) of the higher level is forming. Now the wave((v)) of C of (X), within which the wave (iii) of the lower level is forming, is developing. Long positions will become relevant during the correction, above the level of 1.1361 with the target at 1.1450 - 1.1520. The breakdown and the consolidation of the price below the level of 1.1267 will let the pair go down to the 1.1175.