Estimated pivot point is at the level of 0.9864.

Our opinion: Buy the pair from correction above the level of 0.9864 with the target of 1.0044 - 1.0198.

Alternative scenario: Breakdown and consolidation of the price below the level of 0.9864 will trigger further decline in the pair to 0.9790.

Analysis: Presumably, the formation of the downward correction, as the wave 2, which has a shape of a zigzag with a diagonal line in the wave c of 2, has completed. Locally, it is likely that the fifth wave (v) of c has completed. If this assumption is correct, the pair may resume the rise up to 1.0044 - 1.0198. Critical level for this scenario is 0.9864.



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