Main scenario: consider long positions from corrections above the level of 0.9098 with a target of 0.9432 – 0.9506.
Alternative scenario: breakout and consolidation below the level of 0.9098 will allow the pair to continue declining to the levels of 0.9016 – 0.8924.
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 local correction has finished developing as the fourth wave iv of C on the H4 chart. The fifth wave v of C has presumably started forming on the H1 chart, with wave (i) of v completed as part of it. If the presumption is correct, the pair will continue to rise to the levels of 0.9432 – 0.9506 once correction (ii) of v is completed. The level of 0.9098 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.9016 – 0.8924.
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