Main scenario: consider long positions from corrections above the level of 113.46 with a target of 117.00 – 119.00.
Alternative scenario: breakout and consolidation below the level of 113.46 will allow the pair to continue declining to the levels of 112.48 – 110.81.
Analysis: an ascending wave of larger degree C has presumably started forming on the daily chart, with the third wave 3 of (1) of С unfolding as its part. On the H4 chart, there’s wave iii of 3 forming, with a local correction completed as wave (iv) of iii and wave (v) of iii developing inside. A corrective wave iv of (v) is apparently completed, and the fifth wave v of (v) of iii continues developing on the H1 chart. If the presumption is correct, the pair will continue to rise to the levels of 117.00 – 119.00. The level of 113.46 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 112.48 – 110.81.
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