Main scenario: long positions will be relevant above the level of 111.53 with a target of 116.50 – 118.00 once the correction has formed.
Alternative scenario: breakout and consolidation below the level of 111.53 will allow the pair to continue declining to the levels of 109.09 – 107.44.
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 part of it. H4 chart: a correction is completed as wave ii of 3, and wave iii of 3 is formed. Apparently, a local correction continues forming as the fourth wave of smaller degree iv of 3 on the H1 chart, with wave (а) of iv completed and wave (b) of iv developing inside. If the presumption is correct, the pair will continue to rise to the levels of 116.50 – 118.00 after the correction iv of 3 is completed. The level of 111.53 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 109.09 – 107.44.
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