Main scenario: consider short positions from corrections below the level of 104.76 with a target of 102.50 – 101.11.
Alternative scenario: breakout and consolidation above the level of 104.76 will allow the pair to continue rising to the levels of 106.39 – 107.36.
Analysis: Daily time frame: presumably, a correction of larger degree is completed in the form of wave (B). Wave (С) started to form, with the third wave 3 of (C) developing inside. H4 time frame: wave (i) of iii of 3 formed and an ascending correction is completed in the form of wave (ii) of iii of… Read full author’s opinion and review in blog of #LiteForex