Main scenario: consider short positions from corrections below the level of 1.2964 with a target of 1.2024 – 1.1408.
Alternative scenario: breakout and consolidation above the level of 1.2964 will allow the pair to continue rising to the levels of 1.3200 – 1.3424.
Analysis: a descending correction appears to continue developing as the fourth wave 4 of larger degree on the daily chart, with wave (С) forming inside. An ascending correction finished developing as wave 4 of (C), and the fifth wave 5 of (C) is forming on the H4 chart. Apparently, a local correction ii of 5 is coming to an end on the H1 chart, with wave (с) of ii presumably completed inside. If the presumption is correct, the pair will continue to fall in wave iii of 5 to the levels of 1.2024 – 1.1408. The level of 1.2964 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.3200 – 1.3424.
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