according to the analysis the pair is in a corrective wave. wave (A) formed a leading diagonal while wave (B) formed an expandable flat. In wave (C) , wave 1 and wave 2 have already formed. if the pair breaks above the level 1.21790 area( also around 50% fib level from the high of 12th Dec 19 to the low of 18th march 20). the pair could gain to the level of 1.27300
From the start of 25th march the pair was on a downward move forming a 5 wave, and three corrective pattern which was an expandable flat.if the price manages to break the support which was once a resistance level around 108.705, we are looking for a downward impulsive.
Using the Elliot wave theory, from 9th to 20th march the pair was in an impulsive trend forming a 5 wave uptrend and from 20th to 30th march the pair formed a corrective trend which was a combination of flat and a zigzag wave. so we are looking for a another impulsive trend to level 1.00027.
alt; if the pair reverse to level 0.94660 we are looking to go short
broken an uptrend on the weekly time frame
trend line on weekly acted as a resistance
resistances is also on the 23% Fibonacci retracement level
waiting for a break of the level 1.04500 to start selling