Main scenario: consider long positions from corrections above the level of 112.56 with a target of 116.50 – 118.00.
Alternative scenario: breakout and consolidation below the level of 112.56 will allow the pair to continue declining to the levels of 109.10 – 107.48.
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. On the H4 chart, there’s wave iii of 3 forming, with a local correction completed inside as wave (iv) of iii. Apparently, wave (v) of iii has started developing on the H1 chart. If this assumption is correct, the pair will continue to rise to 116.50 – 118.00. The level of 112.56 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 109.10 – 107.48.
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