Main scenario: consider short positions from corrections below the level of 1.1528 with a target of 1.1153 – 1.0988.
Alternative scenario: breakout and consolidation above the level of 1.1528 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. Apparently, the third wave of smaller degree (iii) of c continues forming on the H4 chart, with wave iii of (iii) completed inside. A local correction is forming as wave iv of (iii) on the H1 chart. If this assumption is correct, the pair will continue to fall to the levels of 1.1153 – 1.0988 once the correction’s over. The level of 1.1528 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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