Strong breakout of a long consolidation zone with a run up. Chart is similar to USDJPY. Forming 1st correction. Prior up leg has three legs (On chart - A, B, C). So greater chance the correction will be an higher time frame correction. 127 - 126 (shaded long zone on chart) is a good confluence zone i.e., prior resistance turned support (horizontal line) and is between 38% and 50% on Fibonacci grid.
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