Estimated pivot point is at the level of 116.78.

Our opinion: Sell the pair from correction below the level of 116.78 with the target of 111.58.

Alternative scenario: Breakout and consolidation of the price above the level of 116.78 will trigger further rise to 119.60.

Analysis: Presumably, the formation of the bullish impetus has completed as the wave С of (B), which is part of the upward correction. Locally, it is likely that the downward impetus as the first wave of the junior level is being formed. If this assumption is correct, the pair may go down to 111.58. Critical level for this scenario is 116.78.



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