Main scenario: consider long positions from corrections above the level of 0.9146 with a target of 0.9506 – 0.9683.
Alternative scenario: breakout and consolidation below the level of 0.9146 will allow the pair to continue declining to the levels of 0.8924 – 0.8768.
Analysis: a descending first wave of larger degree (1) of 5 is formed on the daily chart, and a correction presumably continues developing as the second wave (2) of 5, with wave C of (2) forming inside. Supposedly, the third wave of smaller degree iii of C is developing on the H4 chart, with wave (iii) of iii forming inside. On the H1 chart, apparently, wave iii of (iii) is formed, and a local correction is nearing completion as wave iv of (iii). If the presumption is correct, the pair will continue to rise to the levels of 0.9506 – 0.9683 after the correction. The level of 0.9146 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.8924 – 0.8768.
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