The pair is holding in the 1.185–1.186 area and is trading within a local upward move after a firm hold above 1.1800, which now acts as a key support zone for the current wave structure.

The current move is seen as a corrective wave b within a broader corrective formation. After the completion of the previous downward impulse, the market is forming a pullback, and within this scenario the price needs to continue rising toward the upper resistance zone at 1.1890–1.1900, which coincides with the upper boundary of the local range and the area of a potential completion of wave b.

In this zone, profit-taking is likely and the probability of a renewed decline within the development of wave c increases, which keeps the overall corrective nature of the movement intact.

At this stage, a scenario of cautious buying from current levels or on a minor pullback is acceptable, with a tight stop-loss below local support and a target in the upper part of the range.

Recommendations: BUY 1.1850, SL 1.1825, TP 1.1895.