Main scenario: consider short positions from corrections below the level of 1.3610 with a target of 1.3157 – 1.2831.
Alternative scenario: breakout and consolidation above the level of 1.3610 will allow the pair to continue rising to the levels of 1.3832 – 1.4050.
Analysis: daily chart: the first wave of larger degree (1) has formed and a downside correction continues forming as wave (2). H4 chart: waves A of (2) and B of (2) are formed, and wave C of (2) is developing. Apparently, the third wave of smaller degree iii of C is developing on the H1 chart, with a local correction presumably nearing completion inside as wave (iv) of iii. If the presumption is correct, the pair will continue to drop to the levels of 1.3157 – 1.2831. The level of 1.3610 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.3832 – 1.4050.
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