Main scenario: consider long positions from corrections above the level of 1.3553 with a target of 1.4000 – 1.4200. Alternative scenario: breakout and consolidation below the level of 1.3553 will allow the pair to continue declining to the levels of 1.3418 – 1.3170. Analysis: the ascending first wave of larger degree (1) continues developing on the daily time frame, with wave 5 of (1) forming as its part. The third wave of smaller degree iii of 5 is developing on the H4 chart, with wave (iii) of iii continuing forming within. Apparently, a local corrective wave iv of (iii) of iii is developing on the H1 chart. Upon ... (full story)