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On the H1-hour chart, the formation of the downward correction as a wave C of the higher level is forming. Now the wave B of C, within which the wave b of the lower level is forming, is developing. If the assumption is correct, the pair will grow to the level of 1.2033. The level of 1.1510 is critical for this scenario. Long positions will become relevant during the correction, above the level of 1.1757 with the target at 1.1909-1.2033. The breakdown and the consolidation of the price below the level of 1.1510 will let the pair go down to the 1.1441-1365.