Main scenario: consider long positions from corrections above the level of 1737.82 with a target of 1851.11 – 1920.84.
Alternative scenario: breakout and consolidation below the level of 1737.82 will allow the pair to continue declining to the levels of 1687.65 – 1616.96.
Analysis: a descending correction appears to have formed as the fourth wave (4) of larger degree on the daily chart, with wave С of (4) completed inside. The fifth wave (5) appears to be forming on the H4 chart, with the first counter-trend wave of smaller degree i of 1 of (5) continuing unfolding as its part…. Read full author’s opinion and review in blog of #LiteFinance