Main scenario: consider long positions from corrections above the level of 1.1119 with a target of 1.1906 – 1.2266.
Alternative scenario: breakout and consolidation below the level of 1.1119 will allow the pair to continue declining to the levels of 1.0988 – 1.0850.
Analysis: daily chart: the first wave of larger degree 1 of (3) is formed, and a downside correction appears to have formed as wave 2 of (3). The third wave 3 of (3) is presumably forming on the H4 chart, with the first counter-trend wave of smaller degree (i) of i of 3 developing inside. Wave v of (i) is developing on the H1 chart. If this assumption is correct, the pair will continue to rise to 1.1906 – 1.2266. The level of 1.1119 is critical in this scenario as its breakout will allow the pair to continue falling to the levels of 1.0988 – 1.0850.
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