Main scenario: consider long positions from corrections above the level of 1890.34 with a target of 2070.98 – 2150.00.
Alternative scenario: breakout and consolidation below the level of 1890.34 will allow the pair to continue declining to the levels of 1849.41 – 1779.58.
Analysis: The fifth wave of larger degree (5) continues developing on the daily chart, with wave 3 of (5) forming inside. Apparently, wave iii of 3 is forming on the H4 chart, with wave of smaller degree (iii) of iii formed as its part. On the H1 chart, a local correction has presumably finished developing as the fourth wave (iv) of iii, and the fifth wave (v) of iii has started forming. If the presumption is correct, the pair will continue to rise to the levels of 2070.98 – 2150.00. The level of 1890.34 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1849.41 – 1779.58.
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