Main scenario: consider short positions from corrections below the level of 1.1602 with a target of 1.0988 – 1.0720 once a correction is completed.
Alternative scenario: breakout and consolidation above the level of 1.1602 will allow the pair to continue rising to the levels of 1.1906 – 1.2266.
Analysis: Daily time frame: the first wave of larger degree 1 of (3) is formed, and a downside correction continues forming as wave 2 of (3). Apparently, wave c of 2 continues developing on the H4 chart, with wave (iii) of с completed inside. Corrective wave (iv) of с of 2 is developing on the H1 chart. If the presumption is correct, the pair will continue falling to 1.0988 – 1.0720 once the correction is over. The level of 1.1602 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.1906 – 1.2266.
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