Main scenario: consider long positions above the level of 1.3155 with a target of 1.4000 – 1.4238 once the correction is completed.
Alternative scenario: breakout and consolidation below the level of 1.3155 will allow the pair to continue declining to the levels of 1.2831 – 1.2487.
Analysis: the first wave of larger degree (1) formed on the daily chart, and a descending correction developed as wave (2), supposedly. The third wave (3) has started developing on the H4 chart, with the first wave of smaller degree i of 1 of (3) formed and a downside correction developing as the second wave ii of 1 inside. Apparently, wave (а) of ii has formed and wave (b) of ii is nearing completion on the H1 chart. If the presumption is correct, the pair will continue to rise to the levels of 1.4000 – 1.4238 once the corrective wave ii of 1 is completed. The level of 1.3155 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.2831 – 1.2487.