Main scenario: consider long positions from corrections above the level of 0.9155 with a target of 0.9506 – 0.9680.
Alternative scenario: breakout and consolidation below the level of 0.9155 will allow the pair to continue declining to the levels of 0.8924 – 0.8768.
Analysis: A descending first wave of larger degree (1) of 5 is presumably formed on the daily chart. A correction continues developing as the second wave (2) of 5, with waves A of (2) and В of (2) formed and wave С of (2) forming inside. The third wave of smaller degree iii of C is formed, and a correction has finished developing as the fourth wave iv of C on the H4 chart. The fifth wave v of C appears to be forming on the H1 chart. As part of it, there’s wave (i) of v formed and a local correction completed as wave (ii) of v. If the presumption is correct, the pair will continue to rise to the levels of 0.9506 – 0.9680. The level of 0.9155 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.8924 – 0.8768.
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