Assumingly, a starting impulse as the first wave has finished forming within an upward correction (B) of the higher level, which has already begun. Locally, a correction as wave ii seems to have started developing. If the assumption is correct, a fall in the pair towards 101.77 should be expected. Critical for this scenario is the level of 104.46.
Trading tips
Sell the pair below the level of 104.46 with the target at 101.77.
Alternative scenario
The breakout and consolidation above the level of 104.46 would allow the pair to grow to 107.13.
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