The situation regarding the currency pair under consideration is developing in exact accordance with the previously outlined scenario.

The impulse decline concluded with a brief Wave 5. The culprit was the formation of a converging horizontal triangle, serving as a correction within the fourth wave. Its appearance pointed to an impending reversal.

This played out precisely as anticipated: price slightly updated the low before pivoting into a sharp rally, swiftly recovering the losses from Wave 5.

Moving forward, we appear to be entering a continued upward movement that could take on an impulsive character. Consequently, opening long positions is the recommended approach.

Recommendations: BUY 1.1225, SL 1.1200, TP 1.1320.