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

The current move is viewed 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 1.1890–1.1900 area, where the upper boundary of the local range and the potential completion zone of wave b are located.

In this area, profit-taking is likely, along with an increased probability of a renewed decline as part of the development of wave c, which preserves the overall corrective nature of the move and does not отменяет the medium-term bearish context.

At the current 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.