Main scenario: consider long positions from corrections above the level of 1.2037 with a target of 1.2250 – 1.2400.
Alternative scenario: breakout and consolidation below the level of 1.2037 will allow the pair to continue declining to the levels of 1.1919 – 1.1800
Analysis: Daily time frame: presumably, the first wave of larger degree 1 of (3) continues developing, with wave iii of 1 formed inside. On the H4 time frame, a local correction has formed as the fourth wave iv of 1, and wave v of 1 is forming. Apparently, the third wave of smaller degree (iii) of v… Read full author’s opinion and review in blog of #LiteForex