Main scenario: Consider short positions from corrections below the level of 0.9090 with a target of 0.8800 – 0.8700.
Alternative scenario: breakout and consolidation above the level of 0.9090 will allow the pair to continue rising to the levels of 0.9296 – 0.9468.
Analysis: Presumably, the descending first wave of larger degree (1) of 5 continues developing on the daily time frame, with wave 5 of (1) forming inside. On the H4 time frame, there is the fifth wave of smaller degree v of 5 developing, with wave (iii) of v forming inside. Apparently, wave iii of (iii) is developing… Read full author’s opinion and review in blog of #LiteForex