Main scenario: consider long positions above the level of 1927.15 with a target of 2100.00 – 2172.16 after correction.
Alternative scenario: breakout and consolidation below the level of 1927.15 will allow the pair to continue declining to the levels of 1863.57 – 1806.25.
Analysis: on daily chart a correction to the downside is probably finished as the fourth large degree wave (4) and the fifth small degree wave (5) has begun to form. The H4 chart shows that the smaller wave 1 of (5) has formed, and the local correction as the second wave 2 is complete. The third wave… Read full author’s opinion and review in blog of #LiteFinance