Estimated pivot point is at the level of 1.0449.

Our opinion:Buy the pair from correction above the level of 1.0449 with the target of 1.0734 – 1.0856.

Alternative scenario: Breakdown and consolidation of the price below the level of 1.0449 may trigger further decline in the pair to 1.0350 – 1.02.

Analysis: Presumably, the formation of the upward correction as the fourth wave of the senior level, continues. Locally it seems that the wave a of 4 is being developed, within which the wave (с), as a wedge, is being formed. If this assumption is correct, the pair will continue to rise up to 1.0734 – 1.0856. Critical level for this scenario is 1.0449.



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