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. Wave iii of (v) and corrective wave iv of (v) appear to have formed 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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