The pair is in correction.
On the 4-hour chart the upward trend is developing as a third wave of the higher level 3. At the moment the formation of the local correction as a fourth wave (iv) of v of 3 of the lower level is ending. If the assumption is correct, the pair will grow to the level of 1.2000. The level of 1.1680 is critical for this scenario.
Main scenario
Long positions can be opened during the correction, above the level of 1.1680 with the target at 1.2000.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1680 will let the pair go down to the levels of 1.1610–1.1540.
On the 4-hour chart the upward trend is developing as a third wave of the higher level 3. At the moment the formation of the local correction as a fourth wave (iv) of v of 3 of the lower level is ending. If the assumption is correct, the pair will grow to the level of 1.2000. The level of 1.1680 is critical for this scenario.
Main scenario
Long positions can be opened during the correction, above the level of 1.1680 with the target at 1.2000.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1680 will let the pair go down to the levels of 1.1610–1.1540.