Estimated pivot point is at the level of 1.0614.

Analysis: Presumably, the formation of the fifth wave 5 of the senior level continues, within which the third wave iii of 5 is being developed. Locally, it seems that the upward correction as the wave (ii) of iii is completed. If this assumption is correct, the pair may continue to decline to 1.0420 - 1.0350. Critical level for this scenario is 1.0614.

Alternative scenario: Breakout and consolidation of the price above the level of 1.0614 may trigger further rise in the pair up to 1.0660 – 1.0700. 

Our opinion: Sell the pair from correction below the level of 1.0614 with the target of 1.0420. 

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