Main scenario: long positions will be relevant above the level of 1676.71 with a target of 1915.00 – 2075.27 once a correction has formed.
Alternative scenario: breakout and consolidation below the level of 1676.71 will allow the pair to continue declining to the levels of 1602.20 – 1490.37.
Analysis: an ascending third wave of larger degree (3) is formed on the daily chart, and a descending correction developed as the fourth wave (4), supposedly. Apparently, the fifth wave (5) started forming on the H4 chart, with wave 1 of (5) forming inside. The first counter-trend wave of smaller degree i of 1 is formed on the H1 chart, and a local correction is nearing completion as wave ii of 1. If the presumption is correct, the pair will continue to rise to the levels of 1915.00 – 2075.27 once the correction is over. The level of 1676.71 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1602.20 – 1490.37.
Alternative scenario: breakout and consolidation below the level of 1676.71 will allow the pair to continue declining to the levels of 1602.20 – 1490.37.
Analysis: an ascending third wave of larger degree (3) is formed on the daily chart, and a descending correction developed as the fourth wave (4), supposedly. Apparently, the fifth wave (5) started forming on the H4 chart, with wave 1 of (5) forming inside. The first counter-trend wave of smaller degree i of 1 is formed on the H1 chart, and a local correction is nearing completion as wave ii of 1. If the presumption is correct, the pair will continue to rise to the levels of 1915.00 – 2075.27 once the correction is over. The level of 1676.71 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1602.20 – 1490.37.