The formation of the fifth wave under long-term bullish impetus is going on. The third wave (iii) of V is developing locally. Supposedly, local correction in a form of fourth wave iv of (iii) has come to an end within it. If this assumption is correct and the price does not break the critical level of 120.50, the pair will continue to rise to the levels 122.80 – 124.00.
Buy the pair from corrections above a level of 120.50 with a target at 122.80 – 124.00. In case of breakdown and consolidation below the level of 120.50, sell the pair with a target at 118.20.
Breakdown and consolidation below a level of 120.24 will allow the pair to continue declining to the level of 118.20.