Main scenario: consider short positions from corrections below the level of 1.1393 with a target of 1.0988 – 1.0850.
Alternative scenario: breakout and consolidation above the level of 1.1393 will allow the pair to continue rising to the levels of 1.1906 – 1.2266.
Analysis: Daily time frame: the first wave of larger degree 1 of (3) is formed, and a downside correction continues forming as wave 2 of (3). On the H4 chart, wave c of 2 appears to continue unfolding, with a local correction (iv) of с forming as its part. On the H1 chart, wave (v) of с of 2 is forming, with wave iii of (v) developing as its part. If the presumption is correct, the pair will continue to drop to the levels of 1.0988 – 1.0850. The level of 1.1393 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.1906 – 1.2266.