Main scenario: consider long positions above the level of 1.3380 with a target of 1.4000 – 1.4238 once the correction is completed.
Alternative scenario: breakout and consolidation below the level of 1.3380 will allow the pair to continue declining to the levels of 1.3157 – 1.2831.
Analysis: the first wave of larger degree (1) is formed on the daily chart, and a descending correction developed as wave (2), supposedly. The third wave (3) started developing on the H4 chart with the first wave of smaller degree i of 1 of (3) formed inside. Apparently, a descending correction is developing as the second wave ii of 1 on the H1 chart, with wave (b) of ii forming inside. If the presumption is correct, the pair will continue to rise to the levels of 1.4000 – 1.4238 upon completion of correction ii of 1. The level of 1.3380 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.3157 – 1.2831.
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