From one hand upswing is fully completed and tests local resistance 1.1246 (that may be the cause of downward pullback, watch the blue arrow), but from the other hand it doesn’t have a direct signal of buyers’ weakening (that gives reasons for further growth of the quotes in direction of the next barrier at 1.1348, watch the black arrow).
A very scaled upswing is formed within local structure, that of course drove to forming of corrective downswing, which presumably will be completed at the area of PPZ 1.1233. At this level we can consider long-trades again with count on growth towards 1.1348.
So, we expect decline of the quotes towards 1.1233 with following growth in direction 1.1348 (in medium term).
Shorts towards 1.1233.
Longs from 1.1233 to 1.1348.