Estimated pivot point is at the level of 1.0828.

Analysis: Presumably, the formation of the fifth wave 5 of the senior level continues, within which the upward correction as the wave ii of 5 is being developed. Locally, it seems that the final wave (c) of ii is being formed, which may soon complete. If this assumption is correct, after the completion of the wave (с) the pair may continue to decline to 1.0600 – 1.0500. Critical level for this scenario is 1.0828. 

Alternative scenario: Breakout and consolidation of the price above the level of 1.0828 may trigger further rise in the pair up to 1.0950. 

Our opinion: Sell the pair from correction below the level of 1.0828 with the target of 1.0600 – 1.0500. 


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