Main scenario: consider long positions from corrections above the level of 1.1218 with a target of 1.1690 – 1.1906.
Alternative scenario: breakout and consolidation below the level of 1.1218 will allow the pair to continue declining to the levels of 1.0988 – 1.0720.
Analysis: Daily chart: the first wave of larger degree 1 of (3) is formed, and apparently, a downside correction finished unfolding as wave 2 of (3), with wave c of 2 formed as its part. The third wave of smaller degree 3 of (3) appears to be forming on the H4 chart, with wave i of 3 developing inside. Wave (iii) of i is formed on the H1 chart, and a local correction is coming to its end in the form of wave (iv) of i. If the presumption is correct, the pair will continue to rise to the levels of 1.1690 – 1.1906. The level of 1.1218 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 1.0988 – 1.0720.
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