Estimated pivot point is at a level of 1.2602.
Main scenario: short positions will be relevant from corrections below the level of 1.2602 with a target of 1.2330 – 1.2270.
Alternative scenario: breakout and consolidation above the level of 1.2602 will allow the pair to continue rising to a level of 1.2933.
Analysis: The wave 5 of senior level is supposed to continue forming within the 4-hour time frame. Apparently, the first counter-trend wave of junior level (i) has been formed as an impetus and a downward correction in a form of the wave (ii) is developing at the moment. If the presumption is correct, the pair will continue to drop to the levels 1.2330 – 1.2270. The level 1.2602 is critical in this scenario.
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