Main scenario: consider short positions from corrections below the level of 1.1483 with a target of 1.0988 – 1.0720.
Alternative scenario: breakout and consolidation above the level of 1.1483 will allow the pair to continue rising to the levels of 1.1690 – 1.1906.
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). Wave c of 2 appears to continue unfolding on the H4 chart, with wave (iii) of с forming as its part. On the H1 chart, a corrective wave iv of (iii) finished forming, and wave v of (iii) is currently developing. If the presumption is correct, the pair will continue to drop to the levels of 1.0988 – 1.0720. The level of 1.1483 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.1690 – 1.1906.
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