Estimated pivot point is at the level of 0.9993.

Our opinion: Buy the pair from correction above the level of 0.9993 with the target of 1.0198.

Alternative scenario: Breakdown and consolidation of the price below the level of 0.9993 will trigger further decline in the pair to 0.9940.

Analysis: Presumably, the formation of the downward correction, as the wave 2, which took a shape of the irregular plane, has completed. Locally, it is likely that the first wave of the junior level (i) has been formed and the correction (ii) is being developed. If this assumption is correct, the pair may go up to 1.0198. Critical level for this scenario is 0.9993.



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