A double zigzag in the wave [a] or [w] has been completed already, and this opens a prospect for a bearish correction. Consequently, in the near-term the pair can move down further in the direction of the wave (а).
A more detailed analysis is given on the H1-chart. After an impulse within the wave  of c had been completed, a bearish impulse within the wave i was formed. Currently, a local correction is being completed now. After it is finished, a further downside move within the wave iii of (a) can happen.
The extension within the wave [iii] has been completed. Consequently, in the short-run the pair can consolidate within the correction wave [iv]. After that, a yet another bullish impulse within the wave [v] of C can possibly occur.
As we can see on the H1-chart, a descending wedge has been formed within the wave i. It is very likely that earlier a diagonal triangle within the wave (v) of [iii] was completed. In the course of the day, the wave ii can move further. After this wave is completed, a further downside move can happen.
Admittedly, the wave (ii) has been completed. Earlier, an ascending impulse within the wave (i) was formed. Consequently, the price can continue moving downwards to form a yet another bullish impulse in the direction of the wave (iii).
The H1-chart seems to show two No. 1 waves of different levels. In the near-term, after the local correction is over within the wave (2) of , the pair can possibly move higher within the wave (3) of .
A descending extension within the wave [iii] keeps being formed and the second wave within it is being completed at the moment. In the near-term, the market can resume falling down within the wave (iii) of [iii]. Consequently, in the short-run the low of the wave (i) can be broken through.
It is not improbable that the wave (ii) has been completed that has taken the form of a zigzag with a triangle within the wave b. After that, an impulse within the wave  was formed which has been corrected by the wave . In the course of the day, the pair can resume falling down in the direction of the wave .
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.