Main scenario: consider long positions from corrections above the level of 1.0806 with a target of 1.1487 – 1.1690.
Alternative scenario: breakout and consolidation below the level of 1.0806 will allow the pair to continue declining to the levels of 1.0628 – 1.0450.
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). Apparently, the third wave 3 of (3) is starting to develop on the H4 chart. The first wave of smaller degree (i) of i of 3 is developing on the H1 chart, with wave i of (i) formed inside. If the presumption is correct, the pair will continue to rise to the levels of 1.1487 – 1.1690 upon completion of correction ii of (i). The level of 1.0806 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 1.0628 – 1.0450.
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