Main scenario: consider long positions above the level of 1700.38 with a target of 1807.32 – 1851.11 after correction.
Alternative scenario: breakout and consolidation below the level of 1700.38 will allow the pair to continue declining to the levels of 1616.96 – 1570.70.
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 H4 chart shows the fifth wave ((5)) forming, with the first countertrend wave of smaller degree I of 1 of 5 forming as its part. Wave… Read full author’s opinion and review in blog of #LiteFinance