Estimated pivot point is at a level of 1.1904.
Main scenario: short positions will be relevant below the level of 1.1904 with a target of 1.1600.
Alternative scenario:breakout and consolidation above the level of 1.1904 will allow the pair to continue rising to a level of 1.2000.
Analysis: An ascending impetus in a form of the first wave (1) of senior level is supposed to have finished forming within the 4-hour time frame. A downward correction (2) has supposedly started forming. Apparently, the wave A of (2) is developing at the moment, with a correction in a form of the wave iv of A formed inside. If the assumption is correct, the pair will continue falling to the level of 1.1600. The level 1.1904 may be critical in this scenario.
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