The pair continues growing and we can suppose that a bullish impetus is developing with the third wave iii of 5 developing within. If this assumption is correct, the pair will go on growing to a level of 124.50. The level of 120.66 is critical in this scenario as the breakout will enable the pair to continue declining to the levels 119.00– 118.00.
Buy above a level of 121.77 with a target at 124.50.
Breakout and consolidation below the level of 120.66 will allow the pair to continue declining to the levels 119.00–118.00.