Forming of upswing continues and it’s likely to be cut at the strong resistance area 1.1472-1.1485, that allows to consider short-trades from this region in direction of the 1.1345 level.
Local structure has chaotic nature keeping at the same time a bullish momentum. Thus we can go long intraday, in direction 1.1472-1.1485 and from this area a downward reversal is expected. Optimal buy entry point is 1.1420. If we don’t see a pullback towards this area, long-trades will lose it’s attractiveness due to high risks.
Main scenario: Pullback towards the 1.1420 level, then growth in direction 1.1472-1.1485 and afterwards a new downswing will be launched in direction 1.1345.
Alternative scenario: Direct growth towards 1.1472-1.1485 and following downward reversal in direction 1.1345.
Long-trades from the 1.1420 handle (in case of main scenario) towards 1.1472-1.1485.
Short-trades from the 1.1472-1.1485 zone.