Main scenario: Consider short positions from corrections below the level of 0.9296 with a target of 0.8924 – 0.8768.
Alternative scenario: breakout and consolidation above the level of 0.9296 will allow the pair to continue rising to the levels of 0.9506 – 0.9680.
Analysis: A descending first wave of larger degree (1) of 5 is formed on the daily chart, and a correction has presumably developed as the second wave (2) of 5, with wave C of (2) formed inside. The third wave (3) of 5 has apparently started developing on the H4 chart, with the first counter-trend wave of smaller degree i of 1 of (3) formed and an ascending correction developing as the second wave ii of 1 inside. Apparently, the third wave iii of 1 is forming on the H1 chart, with a local correction (ii) of iii completed and wave (iii) of iii forming inside. If the presumption is correct, the pair will continue to drop to the levels of 0.8924 – 0.8768. The level of 0.9296 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 0.9506 – 0.9680.
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