Main scenario: consider short positions from corrections below the level of 1.3639 with a target of 1.2831 – 1.2487.
Alternative scenario: breakout and consolidation above the level of 1.3639 will allow the pair to continue rising to the levels of 1.4000 – 1.4238.
Analysis: the first wave of larger degree (1) is formed on the daily chart, and a descending correction continues developing as wave (2). On the H4 chart, wave B of (2) finished forming, and wave С of (2) is developing. Apparently, the third wave of smaller degree iii of C is developing on the H1 chart. If this assumption is correct, the pair will continue to fall to 1.2831 – 1.2487. The level of 1.3639 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.4000 – 1.4238.
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