Main scenario: consider long positions above the level of 1775.17 with a target of 2070.98 – 2150.00 after correction.
Alternative scenario: breakout and consolidation below the level of 1775.17 will allow the pair to continue declining to the levels of 1671.75 – 1600.00.
Analysis: The fifth wave of larger degree (5) continues developing on the daily chart, with wave 3 of (5) forming inside. Wave iii of 3 appears to be forming on the H4 chart, with a local correction nearing completion as the fourth wave (iv) of iii inside. Wave с of (iv) of iii is developing on the… Read full author’s opinion and review in blog of #LiteFinance