Estimated pivot point is at a level of 1.1917.
Main scenario: long positions will be relevant from corrections above the level of 1.1917 with a target of 1.2230 – 1.2300.
Alternative scenario:Breakout and consolidation below the level of 1.1917 will allow the pair to continue declining to the levels of 1.1718 – 1.1556.
Analysis: Supposedly, the fifth wave 5 continues forming as a diagonal triangle within the first wave 1 of senior level within the 4-hour time frame. Apparently, a downward correction in a form of wave iv of 5 has finished locally and the final fifth wave v of 5 has started forming. If the presumption is correct, the pair will continue to rise to levels 1.2230 – 1.2300. The level 1.1917 is critical in this scenario.
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