A correction is nearing the end.
Assumingly, a formation of a zigzag within the second wave ii of 3 is ending. Locally, a bearish impulse within wave (c) of ii seems to be forming, within which another downward wave v of (c) is expected. If the assumption is correct, the pair continues growing towards 1.1850, 1.2000 after wave ii of 3 ends. A critical for this scenario is the level of 1.0804, the breakdown of which would allow the pair to fall to 1.0600, 1.0500.
Buy the pair after the breakout of the level of 1.1194 with targets at 1.1850, 1.2000.
The breakdown and consolidation below the level of 1.0804 would allow the pair to fall to 1.0600, 1.0500.