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The price has successfully tested the 1.2612 support level and now appears ready to initiate a correction. The Marlin oscillator has turned upward while still in the downtrend zone.
The nearest growth target is 1.2708. If the price breaks above this level, it may attempt to reach 1.2773. On the four-hour chart, the Marlin oscillator has been rising steadily since November 12, and during this time, there has been a double convergence with the price.
This momentum should sufficiently push the price toward the nearest resistance at 1.2708. Beyond that, the price might attempt to reach the second target of 1.2773, although the MACD line will likely act as a barrier at that level.
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