Main scenario: consider long positions from corrections above the level of 1753.24 with a target of 1913.87 – 2075.27.
Alternative scenario: Breakout and consolidation below the level of 1753.24 will allow the pair to continue declining to the levels of 1673.63 – 1602.77.
Analysis: Daily chart: an ascending third wave of larger degree (3) is formed, a descending correction developed as the fourth wave (4), and the fifth wave (5) appears to be unfolding, with the third wave of smaller degree 3 of (5) forming as its part. Wave iii of 3 appears to be developing on the H4 chart, with a local correction formed inside as wave (ii) of iii. Supposedly, the third wave of smaller degree (iii) of iii is forming on the H1chart, with wave iii of (iii) unfolding as its part. If the presumption is correct, the pair will continue to rise to the levels of 1913.87 – 2075.27. The level of 1753.24 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1673.63 – 1602.77.
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