Estimated pivot point is at a level of 113.41.
Main scenario: short positions will be relevant from corrections below the level of 113.41 with a target of 111.10 – 110.35.
Alternative scenario: breakout and consolidation above the level of 113.41 will allow the pair to continue rising to a level of 114.00.
Analysis: supposedly, an uptrend continues forming within the wave C of senior level. Apparently, the first wave i of C has been formed and a downward correction is developing as the wave ii of C. If the assumption is correct, the pair will continue falling to the levels 111.10 – 110.35. The level 113.41 is critical in this scenario.
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