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

The decline, which had formed as an impulse, concluded with a converging horizontal triangle in place of Wave iv and a brief Wave v. An immediate reversal followed shortly thereafter. Currently, a corrective phase is unfolding, which has already drawn out over time, signaling that it is time for the market to make its next move.

An upward resumption is likely expected in the near term, with the development of the third wave of an ascending impulse anticipated. For this reason, it is advisable to consider opening long positions at current market levels.

Recommendations: BUY 1.1230, SL 1.1210, TP 1.1400.