Main scenario: consider long positions from corrections above the level of 1.2666 with a target of 1.2910 – 1.3155.
Alternative scenario: breakout and consolidation below the level of 1.2666 will allow the pair to continue declining to the levels of 1.2447 – 1.2294.
Analysis: the first wave of larger degree (1) is presumably formed, a correction developed as second wave (2), and the ascending third wave (3) started unfolding on the daily chart. On the H4 chart, wave 1 of (3) is formed, a descending correction is completed as second wave 2 of (3), and wave 3 of (3) started… Read full author’s opinion and review in blog of #LiteFinance
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