Main scenario: consider short positions from corrections below the level of 1.1500 with a target of 1.1140 – 1.0988.
Alternative scenario: breakout and consolidation above the level of 1.1500 will allow the pair to continue rising to the levels of 1.1690 – 1.1910.
Analysis: Daily chart: the first wave of larger degree 1 of (3) is formed, and a downside correction continues forming as wave 2 of (3), with wave c of 2 unfolding as part of it. The third wave of a smaller degree (iii) of c must be forming in the H4 chart. In the hourly timeframe, wave iii of (iii) has finished, and wave iv of (iii) should soon end, as wave c of iv is developing inside. If the presumption is correct, the pair will continue falling to the levels of 1.1140 – 1.0988. The level of 1.1500 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.1690 – 1.1910.
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