Main scenario: consider short positions from corrections below the level of 1.3514 with a target of 1.2831 – 1.2481.
Alternative scenario: breakout and consolidation above the level of 1.3514 will allow the pair to continue rising to the levels of 1.3832 – 1.4050.
Analysis: Daily chart: the first wave of a larger degree (1) has formed and a downside correction continues forming as wave (2). Wave C of (2) is forming in the H4 chart, with the third wave of smaller degree iii of C completed as part of it. In the H1 timeframe, corrective wave iv of C should be unfolding, with wave (c) of iv developing inside. If the presumption is correct, the pair will continue falling to 1.2831 – 1.2481. The level of 1.3514 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.3832 – 1.4050.
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