Main scenario: consider long positions from corrections above the level of 1971.59 with a target of 2220.00 – 2300.00. Alternative scenario: breakout and consolidation below the level of 1971.59 will allow the pair to continue declining to the levels of 1912.52 – 1809.00. Analysis: a descending correction appears to have formed as the fourth wave (4) of larger degree on the daily chart. The fifth wave (5) is unfolding, with the first wave 3 of (5) forming as its part. Apparently, the third wave of smaller degree iii of 3 is forming on the H4 time frame, with wave (iii) of iii developing inside. A local correction is ... (full story)