Main scenario: consider long positions from corrections above the level of 1.3586 with a target of 1.4000 – 1.4200.
Alternative scenario: breakout and consolidation below the level of 1.3586 will allow the pair to continue declining to the levels of 1.3354 – 1.3170.
Analysis: the fifth wave of larger degree 5 presumably continues developing on the weekly time frame, with wave (1) of 5 unfolding as its part. The fifth wave of smaller degree 5 of (1) is forming on the daily time frame, with wave iii of 5 developing as its part. Apparently, a local corrective wave iv of… Read full author’s opinion and review in blog of #LiteFinance
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